Accounting Multiple Choice Question – 15 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Wood Elf Ltd has provided a list of its assets and liabilities as at 31 December 2017 as follows:

  • Long-Term Assets £1.8M
  • Inventory £2.7M
  • Accounts Receivables £1.5M
  • Bank Account £0.4M
  • Cash £0.1M
  • Accounts Payable £2.9M
  • Long-term Bank Loan £4M
  • Reserves  £1.5M
  • Share Capital £1.0M
  • Revenue  £25.8M
  • Cost-of-Sales  £20.0M
  • Net Profit Margin  £2.5M
  • Purchases  £11.5M

What is Wood Elf’s Expenses in relation to revenue Percentage?

Select ONE answer:

  1. 29.00
  2. 10.85
  3. 38.46
  4. 9.69
  5. 22.48

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 2 – £25.8M – £20.0M = £5.8M -£2.5M = £2.80M / £25.8M * 100 = 10.85%

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Accounting Multiple Choice Question – 14 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Wood Elf Ltd has provided a list of its assets and liabilities as at 31 December 2017 as follows:

  • Long-Term Assets £1.8M
  • Inventory £2.7M
  • Accounts Receivables £1.5M
  • Bank Account £0.4M
  • Cash £0.1M
  • Accounts Payable £2.9M
  • Long-term Bank Loan £4M
  • Reserves  £1.5M
  • Share Capital £1.0M
  • Revenue  £25.8M
  • Cost-of-Sales  £20.0M
  • Net Profit Margin  £2.5M
  • Purchases  £11.5M

What is Wood Elf’s Gross Profit Mark-up Percentage?

Select ONE answer:

  1. 29.00
  2. 10.85
  3. 38.46
  4. 9.69
  5. 22.48

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 1 – £25.8M – £20.0M = £5.8M / £20.0M * 100 = 29.00%

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Accounting Multiple Choice Question – 13 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Wood Elf Ltd has provided a list of its assets and liabilities as at 31 December 2017 as follows:

  • Long-Term Assets £1.8M
  • Inventory £2.7M
  • Accounts Receivables £1.5M
  • Bank Account £0.4M
  • Cash £0.1M
  • Accounts Payable £2.9M
  • Long-term Bank Loan £4M
  • Reserves  £1.5M
  • Share Capital £1.0M
  • Revenue  £25.8M
  • Cost-of-Sales  £20.0M
  • Net Profit Margin  £2.5M
  • Purchases  £11.5M

What is Wood Elf’s Gross Profit Margin Percentage?

Select ONE answer:

  1. 29.00
  2. 10.85
  3. 38.46
  4. 9.69
  5. 22.48

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 5 – £25.8M – £20.0M = £5.8M / £25.8M * 100 = 22.48%

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Economics Multiple Choice Question – 12 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Short-run supply is usually ________ elastic than momentary supply and ________ elastic than long-run supply?

Select ONE answer:

  1. less; more
  2. more; more 
  3. more; less
  4. less; less

Explain how changes in the costs of production may cause a shift in the supply curve:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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Economics Multiple Choice Question – 11 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

When the price of milk goes up as a result of a rightward shift of the demand curve for milk ……. ?

Select ONE answer:

  1. total revenue will remain constant only if milk has a unitary price elasticity of supply.
  2. total revenue will increase only if milk is inelastic in supply.
  3. total revenue will decrease only if milk is elastic in supply.
  4. none of the above.

What is the distinction between movements along a supply curve and shifts of a supply curve?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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Economics Multiple Choice Question – 10 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

If the supply curve is vertical then supply is ……. ?

Select ONE answer:

  1. relatively elastic.
  2. relatively inelastic
  3. perfectly inelastic.
  4. perfectly elastic. 

What is the implication on supply of producer objectives and decisions?

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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Economics Multiple Choice Question – 9 July 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A supply curve that is horizontal reflects a supply that  ……. ?

Select ONE answer:

  1. is elastic.
  2. has a zero elasticity. 
  3. is inelastic.
  4. is unit elastic. 

Explain how changes in size and age distribution of the population may cause a shift in the demand curve:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1

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This work is licensed under a Creative Commons Attribution 4.0 International License.