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 money is owed to the business by its customers. 3. A Tactical Plan is a long term plan set out by the business. 4. A Mission Statement outlines what a business sets out to do. 5. A cash flow is an example of a financial plan.

Leaving Cert Business Managment Skills & Activities: Write TRUE or FALSE after the fo

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 mo... 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. The balance sheet is indeed a financial statement that reports a company's assets, liabilities, and equity at a specific point in time.

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 focuses on ensuring that products or services meet certain standards, not on tracking money owed.

Step 3

3. A Tactical Plan is a long term plan set out by the business.

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Answer

FALSE. A Tactical Plan is typically a short-term plan that outlines specific actions to achieve strategic goals.

Step 4

4. A Mission Statement outlines what a business sets out to do.

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Answer

TRUE. A Mission Statement describes the organization's purpose, objectives, and the approach it takes to reach its goals.

Step 5

5. A cash flow is an example of a financial plan.

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Answer

TRUE. Cash flow management is a crucial component of financial planning, detailing the inflows and outflows of cash.

Write TRUE or FALSE after the following statements: 1 - Leaving Cert Business - Question 14 - 2013

Worked Solution & Example Answer:Write TRUE or FALSE after the following statements: 1 - Leaving Cert Business - Question 14 - 2013

1. The balance sheet is a statement of assets and liabilities.

2. Quality Control involves monitoring how much money is owed to the business by its customers.

3. A Tactical Plan is a long term plan set out by the business.

4. A Mission Statement outlines what a business sets out to do.

5. A cash flow is an example of a financial plan.

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