Essentials of Managerial Finance

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Question 1 of 10

1. Question
What are the four main financial statements?
- a) Profit and loss statement, income summary, cash flow statement, equity statement
- b) Budget report, income statement, expense summary, equity report
- c) Income statement, balance sheet, statement of cash flows, and statement of changes in equity
- d) Revenue statement, balance sheet, cash flow report, equity summary
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Question 2 of 10

2. Question
What information does the income statement provide?
- a) It provides information about a company's revenue, expenses, and net income
- b) It provides information about a company's marketing strategies
- c) It provides information about a company's employee benefits
- d) It provides information about a company's stock price
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Question 3 of 10

3. Question
What is the purpose of the balance sheet?
- a) To track employee attendance
- b) To measure customer satisfaction
- c) To determine the company's marketing strategy
- d) To provide a snapshot of a company's financial position
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Question 4 of 10

4. Question
How is the cash flow statement different from the income statement and balance sheet?
- a) They are all the same
- b) The income statement only includes expenses
- c) The cash flow statement only includes cash transactions
- d) None of the above
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Question 5 of 10

5. Question
Costs incurred in order to run a business are known as
- a) Revenues
- b) Assets
- c) Expenses
- d) Liabilities
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Question 6 of 10

6. Question
Revenues are important because:
- a) My teacher said so
- b) They are the income earned by the business
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Question 7 of 10

7. Question
Assets are items of value owned by a business
- a) False
- b) True
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Question 8 of 10

8. Question
The correct name of the financial report that show whether the business is making a profit is
- a) The Statement of Profit and Loss
- b) The Statement of Financial Position
- c) The Statement of Profit or Loss
- d) The Statement of Finances
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Question 9 of 10

9. Question
What is the purpose of creating a budget?
- a) To memorize all expenses
- b) To make more money
- c) To track and manage income and expenses
- d) To spend without limits
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Question 10 of 10

10. Question
Why is it important to review and adjust your financial plan regularly?
- a) To ignore any changes in financial circumstances
- b) To make the financial plan more rigid and inflexible
- c) To ensure it aligns with current financial goals, circumstances, and market conditions
- d) To avoid taking advantage of new market conditions
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