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