Formulas
What is the formula for a balance sheet?
Assets = Liabilities + Owners Equity
What is an asset?
Something that the business owns
What is the first number you will find on an income statement
Sale revenue
What are cash inflows
Revenue coming into the business
Name any team that was eliminated in the World Cup today?
Senegal
Democratic Republic of Congo
Bosnia
Herzegovina
What is the formula for COGS
COGS = OS + P - CS
What is a liability?
Something that the business owes
What is the Cost of Goods Sold
COGS is the value of goods sold in a particular time
What are cash outflows
Payments being made
Which team does Cristiano Ronaldo belong to?
Portugal
What is the formula for Gross Profit?
Gross Profit = Sales revenue - COGS
What is the difference between current and non current
current: less then 12 months
non-current: more then 12 months
Complete the following income statement
Sales revenue - 110000
COGS - 50000
Expenses - 20000
COGS -50000
Gross profit - 50000
Exp - 20000
Net profit - 30000
What is the opening balance for each month?
The closing balance from the previous month
What is the name of the new spiderman movie?
Spiderman Brand New Day
What is the formula for Net Profit?
Net Profit = Gross Profit - Expenses
153000 = Liabilities + 107300
Liabilities = 45700
Find COGS
Opening stock - 14580
Purchases - 1300
Closing stock - 8670
COGS = 7210
What is the closing balance for this month
opening - 600
cash inflow - 400
cash outflow - 350
Closing balance - 650
What is the name of Olivia Rodrigo's new album?
You seem pretty sad for a girl so in love
What is the formula for a cash flow statement
What is goodwill?
Goodwill is the monetary value of a business reputation. This is considered a non current tangible asset
What can a business decrease in order to increase their net profit
Decrease their expenses
What is the opening balance for this month?
Cash inflow - 8000
cash outflow - 9000
closing balance - (5500)
Opening balance = -4500
Name the 4 houses in Harry Potter
Gryffindor
Ravenclaw
Hufflepuff
Slytherin