What do you already know?
Ten quick questions on money and numbers. Don’t worry about getting things wrong — the point is to spot what’s new to you. We’ll run the same quiz at the end of the week so you can see how much you’ve picked up.
What does a 'P&L' (profit and loss) statement show?
Why: A P&L summarises income and costs over a period to show whether the business made a profit or a loss.
'Revenue' (or turnover) is...
Why: Revenue is the total coming in from sales, before any costs are taken off.
'Profit' is...
Why: Profit is what remains once you subtract costs from revenue.
An 'invoice' is...
Why: An invoice is a request for payment sent after providing goods or services.
VAT in the UK is...
Why: Value Added Tax is added to most goods and services and passed on to HMRC.
'Cash flow' describes...
Why: Cash flow is the timing of money in and out. A profitable business can still struggle if cash is tight.
A 'budget' is...
Why: A budget is a plan for expected income and spending over a period.
'Accounts payable' is money the business...
Why: Accounts payable is what the business owes its suppliers.
'Accounts receivable' is money the business...
Why: Accounts receivable is what customers owe the business.
If costs are higher than revenue, the business is making a...
Why: When costs exceed revenue, the result is a loss.
Nice start.
We’ll do the same quiz at the end of the week — you’ll spot the difference.
Done with the quiz?
Mark it complete and we’ll bounce you back to your Finance dashboard with this stamp added to your punchcard. If you’d rather your buddy stamp it after a chat, just ask them on the day.