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TEST YOUR FINANCIAL LITERACY

Knowledge quiz
Questions 10
Criteria 90% to pass
Difficulty Hard
Author: Mark Welton

To be classified as an asset the item must be tangible and owned by the business

The Gross Profit Margin tells the business how much tax they have to pay

Profits earned are accumulated on the Balance Sheet

In accounting cash and income are the same thing

A business can increase its sales dramatically, make healthy profits and still run out of cash

A sale cannot be treated as income until we have received the cash from the customer

Gross Profit is not a very useful measure for businesses these days

You can tell how much profit a business has made by looking at the amount of money in the bank account

The purpose of a business having assets is to use them to earn income

What are the 3 key section of the Balance Sheet?

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