1) Stock in a shoe shop is increased by adding a) Purchases b) Opening Balance c) Cash Budgets d) Sales e) Profit f) Expenses 2) A ___________ is used to show expenses and income. a) Cash Budget b) Opening balance c) Sales statement d) Profit statement e) Closing balance 3) The money left at the end of the day becomes this on the next day... a) Closing Balance b) Sales c) Opening Balance d) Profit 4) A spreadsheet is calculating the total sales for 40 items sold at £1.50 each. Which of the following is the correct Excel formula? a) 40 x £1.50 b) =B2+C2 c) =B2*C2 d) =40x£1.50 5) Wage costs to a business are a) Income b) Profit c) Expenses d) Closing balance

S2 Accounting

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