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15 Cards in this Set
- Front
- Back
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Which federal agency provides social and
economic statistics to small businesses? |
Department of Commerce
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What is trade credit?
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A form of short-term financing from
within the industry |
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The value of a life insurance policy on the
life of the business owner is which type of asset? |
Other
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A government agency that uses a
commercial bank to make loans to businesses and then guarantees up to 90% of the loan if the business fails is the: |
SBA.
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Net income is calculated by subtracting
total expenses from: |
Gross profit.
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A local agency which is a good resource for
agricultural businesses is the: |
County Extension Service.
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Expenses are BEST described as the:
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Cost of running a business
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69. If beginning inventory is $27,000,
merchandise purchased to replenish the stock is $18,000, and the recorded ending inventory is $16,000, what is the cost of goods sold? |
$29,000
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Which federal agency helps small
businesses secure government contracts |
SBA
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8. Business owners must be able to get along
with their employees, make customers feel welcome, and maintain a working relationship with business associates. These are: |
Human relations skills.
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On an income statement, net sales revenue
minus cost of goods sold is: |
Gross profit.
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If total revenue from sales for the year was
$375,000 and the cost of goods sold was $190,000, how much gross profit was made from sales for the year? |
$185,000
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A federal agency that provides grants to
cities for loans to private developers to help improve impoverished areas is: |
HUD
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The price the retailer pays for the
merchandise sold is: |
Cost of goods sold.
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Robert purchased a case of lollipops from
his wholesale supplier for $10.92. The case contains 7 dozen lollipops. Robert will resell the lollipops for 25 cents each. What is the cost of goods sold per lollipop? |
13 cents
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