Write TRUE or FALSE after the following statements:
1 - Leaving Cert Business - Question 14 - 2013
Question 14
Write TRUE or FALSE after the following statements:
1. The balance sheet is a statement of assets and liabilities.
2. Quality Control involves monitoring how much m... show full transcript
Worked Solution & Example Answer:Write TRUE or FALSE after the following statements:
1 - Leaving Cert Business - Question 14 - 2013
Step 1
1. The balance sheet is a statement of assets and liabilities.
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Answer
TRUE. A balance sheet provides a snapshot of a company’s financial position at a specific point in time, detailing assets, liabilities, and equity.
Step 2
2. Quality Control involves monitoring how much money is owed to the business by its customers.
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Answer
FALSE. Quality Control is primarily concerned with ensuring products meet certain standards of quality, rather than monitoring financial metrics.
Step 3
3. A Tactical Plan is a long term plan set out by the business.
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FALSE. A Tactical Plan typically focuses on the short-term steps to achieve specific objectives and is more specific than a long-term strategy.
Step 4
4. A Mission Statement outlines what a business sets out to do.
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TRUE. A Mission Statement captures the purpose and primary objectives of an organization and serves as a guide for decision-making.
Step 5
5. A cash flow is an example of a financial plan.
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Answer
TRUE. Cash flow management is critical to a financial plan as it outlines the cash inflow and outflow to ensure the business can meet its obligations.
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