Cfa #3 Corrections

Front 1

The inability to interpret financial records
demonstrates a lack of

Back 1

Product/service planning

Front 2

A Rolex is considered an expensive watch
for the wealthy. A Timex is considered an
inexpensive watch for the thrifty. These
images illustrate successful

Back 2

Sales forecasting

Front 3

Expenses that are NOT affected by sales
volume are called

Back 3

Variable costs

Front 4

A federal agency that provides grants to
cities for loans to private developers to help
improve impoverished areas is:

Back 4

SBA

Front 5

Entrepreneurs generally have high
expectations for themselves and strive to
achieve those expectations. Thus, they are
characterized as

Back 5

Independent

Front 6

Entrepreneurs are willing to work until the
job is finished. In this respect
entrepreneurs are said to be

Back 6

Responsible

Front 7

The proposed business organization,
including the form of business ownership, is
included in which section of the business
plan?

Back 7

Executive summary

Front 8

In North Carolina, day care centers are
required to obtain licenses. This illustrates
the government’s role as a

Back 8

Provider of social programs

Front 9

Each year the government spends millions
of dollars on medical research. This is an
example of the government’s role as a

Back 9

Regulator

Front 10

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?

Back 10

Variable

Front 11

If the gross profit is $200,000 and the total
expenses are $103,300, what is the net
income/profit (before taxes)?

Back 11

$103,300

Front 12

XYZ DECA chapter sold $5,800 worth of
candy last year. A 9% increase in sales is
projected for this year based on increased
chapter membership and new candy
varieties. XYZ DECA is projecting sales for
this year to be

Back 12

$5,220

Front 13

Total current assets for Howard’s Hotdogs
are $75,000. Total current liabilities are
$32,000. What is the current ratio of assets
to liabilities?

Back 13

$2.54 of current assets for every $1 of
current liabilities

Front 14

Market position is

Back 14

A philosophy that guides how business is
conducted