Business Factors up to Income Statement

Question 1

Responsible for identifying the needs & wants of customers through; product, promotion, pricing & placement strategies

Accepted Answer

Sales & Marketing

Question 2

4 Factors of Production

Accepted Answer

Land, Labor, Capital, Entrepreneurship

Question 3

Manages the personnel of the organization. Ex: recruitment, training, appraisal, workforce planning

Accepted Answer

Human Resources

Question 4

Amount realized by a business for the sale of goods or services

Accepted Answer

Sales Revenue

Question 5

Sales Revenue - Direct Costs (COGS)

Accepted Answer

Gross Profit

Question 6

Why is the Net Profit Margin % typically lower than the Gross Profit Margin %

Accepted Answer

Because NPM factors in both Direct & Indirect Costs

Question 7

Value of business belonging to the owners

Accepted Answer

Equity

Question 8

Shows the cash balance planning for the future cash requirements in order to avoid a crisis of liquidity

Accepted Answer

Cash Flow Forecast

Question 9

Money Paid regularly by a company to its shareholders out of its profits

Accepted Answer

dividends

Question 10

Ability of a firm to convert assets into cash quickly

Accepted Answer

liquidity

Question 11

Basic economic problem (we have limited resources and unlimited wants)

Accepted Answer

scarcity

Question 12

Are general business expenses that keep you operating. They are not directly related to production of good or service

Accepted Answer

Overhead expenses

Question 13

Social science concerned with the efficient use of limited or scarce resources to satisfy human wants

Accepted Answer

Economics

Question 14

Which of the following is in the correct order as it would appear on an Income Statement

Accepted Answer

Sales, Direct Costs, Gross Profit, Indirect Costs, Net Profit

Question 15

Which of the following is in the correct order for a Cash Flow Forecast?

Accepted Answer

Opening, Inflow, Outflow, Net Cash, Closiing

Question 16

Gross Profit - overhead expenses (indirect costs) = Net Profit

Accepted Answer

True

Question 17

This financial statement shows the profit or loss that a business has made during a particular trading period

Accepted Answer

Income Statement

Question 18

Costs that directly go into producing goods or providing services

Accepted Answer

COGS

Question 19

Inflow - Outflow =

Accepted Answer

Net Cash Flow

Question 20

DECA Membership fee is $30

Accepted Answer

True

Question 21

The lead guitarist of Mr. Jauch's favorite band the Grateful Dead is..

Accepted Answer

Jerry Garcia

Questions 21