Economic and Finance Review

Question 1

Giving of your time and/or money to your community is not encouraged.

Accepted Answer

False

Question 2

Profit is the total revenue from a business divided by the total expenses.

Accepted Answer

False

Question 3

The amount of money left when expenses are subtracted from revenue

Accepted Answer

Profit

Question 4

Competition is a key characteristic of capitalism.

Accepted Answer

True

Question 5

Gross profit minus all the expenses related to the business is referred to as . . .

Accepted Answer

Net Profit

Question 6

A ___________ occurrence is ongoing and happens every three months

Accepted Answer

Quarterly

Question 7

What two aspects of your business records are vital to manage?

Accepted Answer

Accounting and document management

Question 8

Generosity only deals with money.

Accepted Answer

False

Question 9

Many business expenses are tax-deductible.

Accepted Answer

True

Question 10

Resource management refers to the effective use of what item for business?

Accepted Answer

All of these

Question 11

When there is a greater demand for something than the amount actually available

Accepted Answer

Scarcity

Question 12

Giving money to a nonprofit organization

Accepted Answer

Charitable giving

Question 13

The effective use of all the things available to your business is known as . . .

Accepted Answer

Resource management

Question 14

Money that is spent on equipment, resources, or supplies is referred to as . . .

Accepted Answer

A business expense

Question 15

Total sales amount minus the cost of goods sold

Accepted Answer

Gross profit

Question 16

Every business is required to pay taxes.

Accepted Answer

True

Question 17

Business income that you save for emergencies or future business expenses

Accepted Answer

Retained Earnings

Question 18

The United States operates within what type of economic system?

Accepted Answer

Mixed

Question 19

The phrase “opportunity cost” relates to the financial results of your economic decisions.

Accepted Answer

True

Question 20

Socialism, the opposite of capitalism, is typical of what type of economic system?

Accepted Answer

Command

Question 21

The effective use of all the resources available to your business

Accepted Answer

Resource management

Question 22

You should always keep your business bank account separate from your personal bank account.

Accepted Answer

True

Question 23

When you have more expenses than income during a specific time period, the P&L statement shows:

Accepted Answer

a loss

Question 24

A P&L Statement is a document that subtracts all expenses from all income for a period of time.

Accepted Answer

True

Question 25

Generosity is the hallmark of those who are successful and who operate business with soul.

Accepted Answer

True

Economic and Finance Review

Questions 25

Economic and Finance Review

Questions 25