QUIZ: Do You Know Your Numbers?
Self-assess how well you know your financial numbers by answering the following questions. There are no right or wrong answers.
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Do you know how much you sold to your customers?
Do you know how much it cost you to make those sales? (Expenses.)
Do you know the total cost of operating your company?
Do you know how much money is left over after all the bills are paid?
Do you know your wage/salary and wages paid to employees/contractors?
Do you know how much money you have in the bank?
Do you know how much your customers owe you?
Do you know the details of what your vendors are charging you? (Bank fees, gas, interest-basically the details of all expenses.)
Do you know which of your products or services are most popular with your clients?
Do you know how much your sales have grown?
Do you know where you are leaking money? (Expenses you don’t need.)
Do you know your net profit? (Money left over after you have completed all transactions.)
If you don’t know your numbers, you can find accurate information in your bookkeeping records. For example, your financial numbers can be found in your Income Statement, Balance Sheet or Statement of Cash Flow.