Introduction to entrepreneurship/IENT103/Statements/Quiz

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The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Understanding financial statements.

The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Financing a business start-up (IENT103) micro-course. Please consult the Certify participation page for more information.

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True - false questions

Indicate whether the following statements are true or false:

  • An income statement is based on the profit and loss account.
  • A balance sheet is like a photo of a company at a particular point in time.
  • A profit and loss statement shows how much cash (or cash equivalents) enters and leaves a company.
  • Cash flow statements help you determine the net worth of a company.



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Multiple choice questions
  • An income statement is based on which ONE of the following equations?
  • Which ONE of the following statements about a Profit and Loss Account is NOT correct?
  • Indicate which ONE of the following statements about a Balance Sheet is FALSE:
  • Indicate which ONE of the following statements about a Cash Flow Statement is INCORRECT: