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Q6. Contribution margin ratio is calculated as A Selling price per unit minus variable cost per unit B. Selling price per unit pis variable cost per unit C. Selling price per unit minus variable cost per unit and the result divided by D. Selling price per unit plus variable cost per unit and the result divided by Q7. Which of the following is not an example of a fixed cost for a manufacturing business? selling price per unit selling price per unit A Factory rent B. Insurance C. Raw material D. All of these Q8. Which of the following accounts is a non-current liability? A Trade receivables B. Overdraft C. Mortgage D. Trade and other payables Q9. is the major source of finance for most businesses. A Ordinary shares B. Bank Loans C. Retained profits D. Bank overdraft Q10. A budget is: A. A 10 year strategic plan B. A bi-monthly cash flow forecast C. A short term financial plan D. A sales target Total 10 marks See next page
Section A-Multiple Choice Questions. Answer all 10 questions in this section. In your Answer Document, the Section think is correct. (E.g. 01-AQ2-B etc.) A questions are listed 01-010. Add the letter (A B C or D) of the answer you Each question carries 1 mark Q2. The financial statement that shows the financial status of a business entity at a Q1. A business model should depict A know-how people B. Customers C. Resources D. All of the above point in time is the A Statement of financial position (or balance sheet) B. Statement of changes in equity C. Statement of cash flows D. Income statement Q3. The accounting equation may not be expressed as: A Equity = Liabilities - Assets B. Assets = Liabilities + Equity C. Liabilities = Assets - Equity D. Non-current assets + Current assets = Total liabilities + Equity Q4. is the difference between sales revenue and cost of sales. A Total profit B. Profit of the year C. Operating profit D. Gross profit Q5. Which of the following accounts is a non-current asset? A Property, Plant and Equipment B. Dividends C. Trade Receivables D. Issues capital See next page

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