Accounting Multiple Choice Question – 27 May 2018

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

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

  • Long-Term Assets £1.8M
  • Inventory £1.7M
  • Accounts Receivables £1.5M
  • Bank Account £1.4M
  • Cash £0.1M
  • Accounts Payable £1.9M
  • Long-term Bank Loan £4M
  • Reserves  £0.5M
  • Share Capital £1.0M
  • Revenue  £20.8M
  • Cost-of-Sales  £17.0M
  • Net Profit Margin  £1.5M
  • Purchases  £10.1M

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

Select ONE answer:

  1. 22.35
  2. 11.06
  3. 27.27
  4. 7.21
  5. 18.27

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 – £20.8M – £17.0M = £3.8M / £17.0M * 100 = 22.35%

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Accounting Multiple Choice Question – 26 May 2018

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

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

  • Long-Term Assets £1.8M
  • Inventory £1.7M
  • Accounts Receivables £1.5M
  • Bank Account £1.4M
  • Cash £0.1M
  • Accounts Payable £1.9M
  • Long-term Bank Loan £4M
  • Reserves  £0.5M
  • Share Capital £1.0M
  • Revenue  £20.8M
  • Cost-of-Sales  £17.0M
  • Net Profit Margin  £1.5M
  • Purchases  £10.1M

What is Wood Dragon’s Gross Profit Margin Percentage?

Select ONE answer:

  1. 22.35
  2. 11.06
  3. 27.27
  4. 7.21
  5. 18.27

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 – £20.8M – £17.0M = £3.8M / £20.8M * 100 = 18.27%

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Economics Multiple Choice Question – 24 May 2018

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

“Last October, due to an early frost, the average price for a pumpkin increased by 10 percent compared to the average pumpkin price in previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million.”  Based on this statement, the ……..

Select ONE answer:

  1. demand curve for pumpkins shifted rightward.
  2. demand for pumpkins is elastic.
  3. demand for pumpkins is unit elastic.
  4. demand for pumpkins is inelastic.

What is the implication for firms of changes in economic growth?

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

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

The answer is 2

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Economics Multiple Choice Question – 24 May 2018

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

The closer the substitutes for a good, the ………

Select ONE answer:

  1. larger the proportion of income that is spent on the good.
  2. smaller the degree of substitutability between the goods.
  3. more elastic is the demand for the good.
  4. less elastic is the demand for the good.

What is the implication for firms of changes in inflation?

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

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

The answer is 3

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Economics Multiple Choice Question – 23 May 2018

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

Which goods have more elastic demands?

Select ONE answer:

  1. goods which are necessities
  2. goods with few substitutes
  3. goods whose purchase represents a small percentage of income
  4. goods with many substitutes

What is the implication for firms of changes in unemployment?

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

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

The answer is 4

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Economics Multiple Choice Question – 22 May 2018

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

To maximise its revenue……?

Select ONE answer:

  1. a firm facing inelastic demand should always raise its price. 
  2. a firm should always charge the highest price possible regardless of the elasticity of demand.
  3. a firm facing elastic demand should always raise its price.
  4. None of the above answers is correct.

What is the implication for firms of changes in taxation?

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

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

The answer is 1

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Economics Multiple Choice Question – 21 May 2018

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

Demand is inelastic when a price ________ results in total revenue ________  ?

Select ONE answer:

  1. fall; increasing
  2. rise; decreasing
  3. rise, increasing
  4. fall, remaining the same

What is the implication for firms of changes in exchange rates?

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

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

The answer is 3

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