Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
If the gross profit is $200,000 and the total
expenses are $103,300, what is the net income/profit (before taxes)? |
$96,700
|
|
|
The federal agency which provides
assistance and advice on how small businesses can increase revenues and profits is the: |
SBA.
|
|
|
What state agency issues permits to day
care centers? |
State Department of Agriculture
Consumer Protection Division |
|
|
Which section of the business plan discusses
the personal qualifications of the entrepreneur? |
Management team plan
|
|
|
Law firms and medical firms generally
choose which form of incorporation |
Limited Liability Company
|
|
|
Which federal agency provides social and
economic statistics to small businesses? |
Department of Commerce
|
|
|
Under which form of business ownership
do owners have limited liability? |
Corporation
|
|
|
Money invested in a business by private
investors is: |
Equity funding.
|
|
|
In North Carolina, day care centers are
required to obtain licenses. This illustrates the government’s role as a: |
Regulator.
|
|
|
The business lease has been renewed and
the monthly lease agreement is set for the next three years. Which type of expense is each lease payment? |
Fixed
|
|
|
The Cooper Company decided to sell stock
to raise capital. Under which form of business organization does the company operate? |
Corporation
|
|
|
Clarence Birdseye pioneered the
development of packaged frozen foods in the 1920s. He is considered a/n: |
Entrepreneur
|
|
|
Ability and willingness to invest personally
in a business venture satisfies the credit requirement for: |
Capital.
|
|
|
Which is NOT a factor on an income
statement? |
Liabilities
|
|
|
Product development and channels of
distribution are included in which section of the business plan? |
Operational plan
|
|
|
OSHA inspects factories to ensure safe
working conditions for employees. This illustrates the government’s role as a: |
Regulator.
|
|
|
Advertising and promotion expenses for an
ongoing business are: |
Variable costs
|
|
|
The repayment of a long-term loan is
expected to take: |
More than one year
|
|
|
The value of a life insurance policy on the
life of the business owner is which type of asset? |
Other
|
|
|
Each year the government spends millions
of dollars on medical research. This is an example of the government’s role as a: |
Provider of social programs
|
|
|
Which is a balance sheet item
|
Assets
|
|
|
A local agency which is a good resource for
agricultural businesses is the: |
County Extension Service
|
|
|
The inability to interpret financial records
demonstrates a lack of: |
Competence of the entrepreneur
|
|
|
The proposed business organization,
including the form of business ownership, is included in which section of the business plan? |
Organizational plan
|
|
|
Which is NOT a factor that affects start-up
costs? |
Number of customers who purchase
goods/services on opening day |
