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Financial Literacy Basics Flashcards | StudBud

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What are liabilities?

What does profit mean?

Financial Literacy Basics

9 terms·StudBud Administration·1 play

Explore fundamental concepts of personal and business finance, from income and expenses to assets and liabilities.

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Questions 9

Answers

1
What does profit mean?
Total revenue
Total expenses
Sales only
Revenue minus expenses
2
What are liabilities?
Income earned
Cash reserves
Assets owned
Debts owed
3
Which is an example of an asset?
Expenses
Debt
Liabilities
Cash
4
What is capital used for?
Buying liabilities
Only salaries
Paying debts
Investing in growth
5
How to calculate net worth?
Liabilities minus assets
Total expenses
Total income
Assets minus liabilities
6
What is personal income?
Only salary
Only bonuses
Only investments
All earnings
7
What are fixed expenses?
Variable costs
Regular monthly costs
One-time purchases
Unexpected costs
8
What are variable expenses?
Salaries paid
Fixed monthly costs
One-time costs
Costs that change
9
What is business income?
Expenses paid
Only profits
Investments only
Revenue from sales