Level 5 exam — Finance & Accounting

Exam — fresh questions

12 fresh questions to validate Tax & special topics: taxation, payroll, tools, year-end closing and the manager's financial literacy.
Answer everything, then click Check: your score and explanations will appear.

5.1 · Recall

1. On what basis is the tax on profits calculated?

Turnover The taxable result (not the accounting one) Cash The balance sheet total

You start from the accounting result, then apply adjustments.

5.1 · Application

2. Can you pay taxes even when making a loss?

Only when profitable No, never Yes: some taxes (activity-linked, VAT to remit) are independent of profit Only the corporate income tax

Never assume “no profit = no tax”; anticipate it for cash.

5.2 · Recall

3. How do you budget the cost of an employee?

As employer cost (gross + employer contributions) At turnover At the result At net salary

The real cost far exceeds the net and even the gross.

5.2 · Application

4. Who produces the payslips and the social declarations?

The payroll officer The accountant alone The banker The statutory auditor

The accountant records the entries coming from payroll; distinct but coordinated roles.

5.3 · Recall

5. Does accounting software exempt you from understanding accounting?

Yes, it detects everything It replaces the chartered accountant Yes, it does everything No: it executes but does not understand; a bad configuration produces wrong accounts

An accelerator for those who know, a trap for those who don't.

5.3 · Application

6. What is mandatory e-invoicing?

An additional tax Simply a PDF by email Invoices in a structured format through approved platforms An optional option

It enables automation and VAT control; practical rules depend on the country.

5.4 · Recall

7. Who independently audits and certifies the accounts?

The chartered accountant The statutory auditor The banker The payroll officer

The chartered accountant helps produce the accounts; the statutory auditor checks they are trustworthy.

5.4 · Application

8. How do you reduce the cost of your chartered accountant?

Never answering Doing without his advice Handing him everything in a jumble Making his work easier (organised documents, accounts kept all year)

He bills by time spent: rigour and organisation = fewer hours.

5.4 · Arbitration

9. What do you do DURING the year for a smooth closing?

Sorting the documents and justifying the accounts Doing the reconciliations regularly Keeping the data entry clean Leaving everything in a jumble until the end

Leaving everything until the year-end makes closing a nightmare.

5.5 · Recall

10. What is THE most vital distinction for a manager?

Expenses ≠ income Debit ≠ credit Result (profit) ≠ cash Assets ≠ liabilities

A profitable company can run out of cash (WCR).

5.5 · Application

11. Does a manager need to know how to keep accounts?

Yes, like an accountant No: knowing how to read and understand them is enough to decide Not at all, no point Only payroll

You delegate the technique, not the understanding needed to decide.

5.5 · Arbitration

12. Finance is above all…

The language of performance of any organisation A pointless constraint A purely technical field Reserved for finance people

Speaking it means taking back power over your decisions.

What's next?

Score ≥ 80%: move to Level 6 “In Practice” — V3 (cross-cutting cases and hands-on situations, NO exam).
Score < 80%: re-read the explanations above — each re-explains the concept — then redo the 48h challenges of the 5 sections.