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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