30-Day-Quiz-1 - Business Super Heroes

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Thank you for purchasing our 30 Day Essentials For New Businesses book. Here is your first quiz! Enjoy!

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Question 1 of 17

What is “gross profit?”
Profit plus sales minus net profit
Sales minus net profit
Sales plus net profit
Sales minus direct cost of sales.

Question 1 of 17

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Question 2 of 17

Which one of these is NOT a cost of goods sold for a carpet company?
The blades it takes to fit the carpet
The carpet ordered for your work
Lighting the office
The underlay it takes to do the jobs

Question 2 of 17

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Question 3 of 17

Complete the following saying … “Turnover is vanity, profit is sanity …”
cash is king.
profit is everything.
your customers are king.
credit is vital.

Question 3 of 17

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Question 4 of 17

If you spend £100 to buy a sofa from your suppliers and you sell it for £350, what is your gross profit?
£450
£350
£250
£100

Question 4 of 17

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Question 5 of 17

Complete the following saying ….” If it has to be …”
then it’s up to me
then let it be
then try it free
then let me see

Question 5 of 17

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Question 6 of 17

Why do you have to know (at least in general terms) where you are going with your business? (Click all that apply)
Knowing where you are going will help you focus on those tasks that will help your goals the fastest.
If you don’t you won’t be able to make the correct decisions
Knowing your general business direction will help you plan for the future.
If you don’t you will not know which way to steer your business.

Question 6 of 17

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Question 7 of 17

Which one(s) of these are symptoms of cash flow problems?
Up to your overdraft limit
Creditor arrears
No working capital buffer
HMRC arrears

Question 7 of 17

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Question 8 of 17

Complete the following saying “You get more of what you focus on …”
none of the time
most of the time
all of the time
some of the time

Question 8 of 17

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Question 9 of 17

What is “net profit?”
Gross profit minus cost of goods sold
Obtained after subtracting the total overall expenses from the gross profit.
Net profit is gross profit plus cost of goods sold.
Net profit is a figure that is only for your accountant to report to the HMRC

Question 9 of 17

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Question 10 of 17

Complete the following saying … “whether you think you can or you think you can’t …”
You can’t
You’re right
You can
You’re wrong

Question 10 of 17

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Question 11 of 17

Why is profit not the same as cash?
Profit is only made once your accountant has verified your figures.
Profit IS the same as cash.
Profit shows on the P+L and cash doesn’t
Profit is what you make on a sale but it is only usable money when it has physically been paid.

Question 11 of 17

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Question 12 of 17

What MUST be your #1 priority in your business?
Keeping the coffee machine on
Keeping your customers happy
Employing the correct number of staff
Making a profit

Question 12 of 17

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Question 13 of 17

If you sell cars and your total for the year is £200,000 you spent £100,000 and you have £50,000 worth of additional expenses, what is your net profit?
£50,000
£200,000
£250,000
£100,000

Question 13 of 17

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Question 14 of 17

Which of these best describes a balance sheet?
A balance sheet is the summary of the final balances of a firm’s total assets and liabilities held by the company on a particular date.
It shows how much VAT you owe.
It shows the movement of cash in and out of the business.
It shows how much money you made in the last quarter.

Question 14 of 17

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Question 15 of 17

Why is cash flow so very important?
Cash flow shows your profits for the year
It means you can take on extra staff
It enables you to pay your bills as they become due
Cash flow is only of interest once a year at the end of the financial year

Question 15 of 17

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Question 16 of 17

What is your biggest enemy when it comes to making money?
Politics
Procrastination
Money
Time

Question 16 of 17

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Question 17 of 17

What is “break even analysis?”
It shows when fixed costs are greater than variable costs
It will tell you how long it will take to meet your variable costs.
It shows when variable costs equal fixed costs
Break even analysis is the moment when a company makes no money but doesn’t lose any either

Question 17 of 17

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