ENT101 POP QUIZ

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This quiz was developed by Ms Hill for the students taking ENT101. The following questions have been designed to test what you have learned so far about Source Documents. The quiz has 12 questions and should not take you any longer than 10 minutes to complete.

Once you have completed the quiz, you will receive your score out of 12 and you will then need to print out your results and keep this as a revision tool for the exam.

Good Luck!

Questions and Answers

1.

Fill in the blanks.________________ are documents which provide written evidence of a financial transaction.
- A.
  
  Purchase Orders
- B.
  
  Tax Invoices
- C.
  
  Purchase Requisitions
- D.
  
  Source Documents
Correct Answer
D. Source Documents
2.

A Tax Invoice is the document a purchaser uses to order goods or services.True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
3.

From the list below which are source documents created by the supplier?Select all that apply.
- A.
  
  Tax Invoice
- B.
  
  Purchase Requisition
- C.
  
  Adjustment Note
- D.
  
  Purchase Order
- E.
  
  Cheque
- F.
  
  Receipt
Correct Answer(s)
A. Tax Invoice
C. Adjustment Note
F. Receipt
4.

A Purchase Requisition and a Delivery Note do not generate an entry in financial records.True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
5.

What does ABN stand for?

Correct Answer
Australian Business Number
6.

The main difference between a Purchase Requisition and a Purchase Order is?
- A.
  
  The Purchase Requisition is an internal order form and the Purchase Order is an external document that goes to the supplier
- B.
  
  Nothing. They are both documents used to order goods and services
- C.
  
  One form goes to the supplier and the other to the delivery company
Correct Answer
A. The Purchase Requisition is an internal order form and the Purchase Order is an external document that goes to the supplier
7.

Why do businesses not fill in the prices on a Purchase Order?
- A.
  
  Because there is no allocated space for the prices
- B.
  
  Because the purchaser might not know the current or right prices
- C.
  
  Because the purchaser doesn't care how much the goods/services cost
Correct Answer
B. Because the purchaser might not know the current or right prices
8.

What does GST stand for?
- A.
  
  General Services Tax
- B.
  
  Goods and Services Tax
- C.
  
  Gross Services Tax
Correct Answer
B. Goods and Services Tax
9.

At what percentage (%) is GST calculated at?

Correct Answer
10%
10
ten percent
ten
ten %
10.

10% of $1478.00 is?
- A.
  
  $14.78
- B.
  
  $1.47
- C.
  
  $150.00
- D.
  
  $147.80
Correct Answer
D. $147.80
11.

What does '10/7:5/14' on a Tax Invoice mean?Note - there could be more than one correct answer.
- A.
  
  Terms of Tax Invoive
- B.
  
  10% discount if paid within 7 days or 5% discount if paid within 14 days
- C.
  
  7% discount if pid within 10 days or 14% discount if paid within 5 days
- D.
  
  Terms of Trade
Correct Answer(s)
B. 10% discount if paid within 7 days or 5% discount if paid within 14 days
D. Terms of Trade
12.

Which Source Document has delivery instructions on it? More than one answer may apply.
- A.
  
  Purchase Order
- B.
  
  Delivery Note
- C.
  
  Tax Invoice
- D.
  
  Cheque
Correct Answer(s)
A. Purchase Order
B. Delivery Note
C. Tax Invoice
13.

What does a Tax Invoice have that a Purchase Order and Delivery Note does not?
- A.
  
  Delivery Address
- B.
  
  Order Number
- C.
  
  Prices and Amounts
Correct Answer
C. Prices and Amounts
14.

Caitlin's Hairdressing Salon (ABN 31 789 333 456) Siganto Drive, Coorparoo, QLD 4151 order the following items for her salon:2 x Hairdryers3 x GHD Hair Straighteners6 x 500ml Loreal Hair DyeDelivery Instructions: The equipment is to be collected by the purchaserTerms: CODTrade Discount: N/AIf you were filling out a Tax Invoice for this order what would you put in the delivery address section?
- A.
  
  Caitlin's Hairdressing Salon, Siganto Drive, COORPAROO QLD 4151
- B.
  
  Caitlin's Hairdressing Salon, ABN 31 789 333 456, Siganto Drive, COORPAROO QLD 4151
- C.
  
  To be collected
Correct Answer
C. To be collected
15.

If the total of a Tax Invoice is $1789.25 and there is a 30% Trade Discount the new Sub Total will be $178.92.True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
16.

What does COD stand for?
- A.
  
  Corporate Only Delivery
- B.
  
  Cash Offer Declined
- C.
  
  Cash On Delivery
- D.
  
  Care Of Deliverer
Correct Answer
C. Cash On Delivery
17.

List 3 reasons why an Adjustment Note may be issued?NOTE** This question cannot be graded on the computer you will have to show the teacher your answer to this question at the end of the quiz.
18.

The Drawee on a Cheque is?
- A.
  
  The person receiving the funds
- B.
  
  The person paying the funds
- C.
  
  The institution distributing the funds (the bank)
Correct Answer
C. The institution distributing the funds (the bank)

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Jul 30, 2011

Quiz Edited by
ProProfs Editorial Team
Oct 13, 2010

Quiz Created by
Jesshill

Ent101 Pop Quiz

Fill in the blanks.________________ are documents which provide written evidence of a financial transaction.

A Tax Invoice is the document a purchaser uses to order goods or services.True or False?

From the list below which are source documents created by the supplier?Select all that apply.

A Purchase Requisition and a Delivery Note do not generate an entry in financial records.True or False?

What does ABN stand for?

The main difference between a Purchase Requisition and a Purchase Order is?

Why do businesses not fill in the prices on a Purchase Order?

What does GST stand for?

At what percentage (%) is GST calculated at?

10% of $1478.00 is?

What does '10/7:5/14' on a Tax Invoice mean?Note - there could be more than one correct answer.

Which Source Document has delivery instructions on it? More than one answer may apply.

What does a Tax Invoice have that a Purchase Order and Delivery Note does not?

If the total of a Tax Invoice is $1789.25 and there is a 30% Trade Discount the new Sub Total will be $178.92.True or False?

What does COD stand for?

List 3 reasons why an Adjustment Note may be issued?*NOTE** This question cannot be graded on the computer you will have to show the teacher your answer to this question at the end of the quiz.*

The Drawee on a Cheque is?