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Foundations of Entrepreneurship-Mod 2 Flashcards | StudBud
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Foundations of Entrepreneurship-Mod 2
Foundations of Entrepreneurship-Mod 2
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Module 2 - Economics and Finances
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
Resource management refers to the effective use of what item for business?
Money
All of these
Products
Equipment
2
The effective use of all the resources available to your business.
Resource management
Business management
Personal management
Financial management
3
The phrase "opportunity cost" relates to the financial results of your economic decisions.
False
True
4
Profit is the total revenue from a business divided by the total expenses.
False
True
5
When there is a greater demand for something than the amount actually available.
Net Income
Gross Profit
Inflation
Scarcity
6
Many business expenses are tax-deductible.
True
False
7
The effective use of all the things available to your business is known as...
Personal management
Resource management
Business management
Financial management
8
What two aspects of your business records are vital to manage?
Profit and loss
Receipts and document management
Accounting and income
Accounting and document management
9
Giving money to a nonprofit organization
Budgeting
Saving
Paying taxes
Charitable giving
10
Money that is spent on equipment, resources, or supplies is referred to as...
business income
a personal expense
profit and loss
a business expense
11
The ____ is amount of money left after a product or service is sold and costs of goods and other expenses are subtracted
Loss
Profit
P&L Statement
Expense
12
Gross profit minus all the expenses related to the business is referred to as...
Total Income
Net income
Negative Revenue
Net Profit
13
Which of these phrases is NOT descriptive of capitalism?
Governmental control
Individual choice
Supply and demand
Business competition
14
Economics is the study of how a society manages its resources to:
Make more money and resources
Provide education for children
Control the output of the population
Produce and distribute goods and services
15
With capitalism, prices of goods and services are driven by what?
How much you pay in taxes
Supply and demand
The cost of the goods
The stock market
16
A ______ occurrence is ongoing and happens every three months.
annually
quarterly
semi-annually
frequency
17
Communism is an example of what type of economic system?
Traditional
Market
Mixed
Command
18
Every business is required to pay taxes.
True
False
19
The United States operates within what type of economic system?
Mixed
Command
Market
Traditional
20
You should always keep your business bank account separate from your personal bank account.
True
False
21
Total sales amount minus the cost of goods sold
Net Income
Total Revenue
Net profit
Gross profit
22
Giving of your time and/or money to your community is not encouraged.
True
False
23
Being generous is the hallmark of people who live successful lives and who operate business with soul.
False
True
24
A P&L Statement is a document subtracting all of the expenses from all the sources of income for a given period of time.
True
False
25
When a business has more expenses than income from sales for a specific time period, their P&L statement would show a(n)
Loss
Profit
Revenue
Expense
26
Business income that you save for emergencies or future business expenses
Net income
Venture capital
Gross income
Retained earnings
27
Which economic system is based on the way things have always been done?
Mixed
Market
Command
Traditional
28
What document leads you to subtract your business expenses from your business income?
Business Loss Statement
Profit statement
Cost and Loss Statement
Profit and Loss Statement
29
Socialism, the opposite of capitalism, is typical of what type of economic system?
Traditional
Market
Mixed
Command
30
Competition is a key characteristic of capitalism.
True
False
31
Generosity only deals with money.
False
True
