Business Ownership

Question 1

A framework and a plan that outline how business will create, deliver, and capture economic value.

Accepted Answer

Business Model

Question 2

The practice of starting, buying, or investing in a company to benefit financially from the profits that it generates.

Accepted Answer

Business Ownership

Question 3

Ongoing expenses that you need to pay in order to keep your business up and running

Accepted Answer

Overhead cost

Question 4

Overhead expenses are ongoing expenses that you need to pay in order to keep your business up and running

Accepted Answer

True

Question 5

A person’s total wealth, which is calculated by adding up the value of all the money and assets they own

Accepted Answer

Net worth

Question 6

What is NOT a legal way to become a business owner?

Accepted Answer

Start committing tax fraud.

Question 7

What should NOT be in your business model plan.

Accepted Answer

Start committing tax fraud

Question 8

All the tools, resources, machinery, and raw materials that a business utilizes for the creation of products and service

Accepted Answer

Means of Production

Question 9

A component of a successful business is providing a product or service that solves a problem.

Accepted Answer

True

Question 10

Business Ownership is the title of the topic.

Accepted Answer

True

Question 11

The point at which business's revenue covers its production costs and overhead expenses; there is no net profit or loss

Accepted Answer

Breakeven Point

Question 12

Overhead expenses include rent, utilities, equipment, and insurance.

Accepted Answer

True

Question 13

The practice of starting a new company from the ground up, typically by bringing a new product or service to market

Accepted Answer

Entrepreneurship

Question 14

The amount of revenue that remains after deducting all production costs and overhead expenses

Accepted Answer

Net profit

Question 15

Net worth is calculated by adding the assets and adding the liability to the total wealth.

Accepted Answer

False

Question 16

A business model plan should cover all your costs, item prices, and how much needed to sell.

Accepted Answer

True

Question 17

Calculating a business' breakeven point is NOT important.

Accepted Answer

False

Question 18

Scenario which the owners sell all or part of their ownership interest in exchange for cash

Accepted Answer

Liquidation Event

Question 19

The difference between the revenue generated from the sale of a unit of your product and the costs required to make it.

Accepted Answer

Gross margin

Question 20

The financial gain that a business generates through the sales of its products and services.

Accepted Answer

Profit

Questions 20