Money and Financial Records module quiz: N(T)-Level Elements of Business Skills (SEAB 7066) quiz

Borrowing from friends

Paying rent

Finding money on the street

Sales revenue from selling goods or services

Monthly shop rent

Raw materials used to make products

Ingredients for each meal sold

Packaging for each item sold

Insurance for the year

The flour a bakery uses, which rises with the number of loaves baked

A fixed monthly salary

Annual licence fee

Total costs minus total income

Total income plus total costs

Total income minus total costs

Total income multiplied by total costs

300 dollars loss

500 dollars loss

1300 dollars profit

300 dollars profit

150 dollars loss

150 dollars profit

1350 dollars profit

No profit and no loss

It does not matter at all

Profit lets the business survive, reward the owner and reinvest to grow

Profit forces the business to close

Profit is the same as costs

Only the number of customers

Only the staff names

Money in, money out and the running balance

Only the products on sale

80 dollars

20 dollars

180 dollars

120 dollars

To control cash, help with tax and make good decisions

To make the work harder for no reason

To hide money from the owner

Records have no use

It is impossible to count

Cash can be lost, stolen or miscounted

Cash is always slower than card

Customers cannot use cash

It always requires the customer to carry coins

It can never be traced

It is fast, contactless and keeps a record of the payment

It works without any technology

To confuse customers

Because the law bans cash

To avoid taking any money

So customers can choose the method that suits them, which can increase sales