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Louw Barnardt's 2-Minute Taste-Test On Finance For Startups

Before you get stuck into the recipe, test your skills in this supa quick 10-step assessment below. Then, try again at the end to see your improvement. 

Click below to begin the assessment.

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Question 1 of 10

What is a big finance mistake entrepreneurs make in the early days of their business?

 

A

Cash flow management.

B

Investing in bitcoin.

C

Underpaying their receptionist.

Question 2 of 10

What is an entrepreneur’s first financial challenge when starting a business?

A

Finding office space.

B

Finding revenue.

C

Finding customers.

Question 3 of 10

How can tracking your income and expenses help your business?

A

It can help me find customers and increase sales.

B

It can help me avoid paying taxes.

C

It can help me understand the cash flow cycle of my business.

Question 4 of 10

What happens when your business runs out of cash?

A

Your company dies.

B

Your company qualifies for government grants.

C

Your company can use digital coupons.

Question 5 of 10

 What does it mean to keep records?

A

Building a collection of vinyl records.

B

Having all your transactions properly documented and filed.

C

Keeping all your receipts in a drawer.

Question 6 of 10

How do you calculate profit?

A

Income minus expenses.

B

Profit margin minus expenses.

C

Income minus profit margin.

Question 7 of 10

What can damage your business’ cash flow?

A

Buying your stock on credit.

B

Paying your suppliers all at once.

C

Having a large debtors’ book of clients who haven’t paid.

Question 8 of 10

What are the benefits of keeping basic income and expense records?

A

It helps your business grow faster and make more profit.

B

It helps you understand your cash flow and make better financial decisions.

C

It helps you attract bigger and better clients.

Question 9 of 10

Which one is NOT a finance hack Louw recommends for startups?

A

Set up a cloud accounting system.

B

Find someone who can help set up a basic financial reporting infrastructure.

C

Sell a portion of your equity in the business as soon as possible.

Question 10 of 10

What are the four functions in a finance team?

A

Bookkeeping, accounting, financial management and CFO.

B

Accounting, reporting, taxes and financial management.

C

CFO, bookkeeping, invoicing and taxes.

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