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;
34 Cards in this Set
- Front
- Back
|
Which section of the business plan discusses
the personal qualifications of the entrepreneur? |
Management team plan
|
|
|
Which is NOT an example of operating
expenses? |
Sales taxes
|
|
|
On an income statement, net sales revenue
minus cost of goods sold is: |
Gross profit.
|
|
|
Which section of the business plan contains
information about the personal and nonpersonal promotion for the business? |
Marketing plan
|
|
|
Which is NOT an example of operating
expenses? |
Sales taxes
|
|
|
On an income statement, net sales revenue
minus cost of goods sold is: |
Gross profit.
|
|
|
Which section of the business plan contains
information about the personal and nonpersonal promotion for the business? |
Marketing plan
|
|
|
Initial inventory for the business is which
type of cost? |
Start-up cost
|
|
|
Vaccinations against communicable
diseases illustrates the government’s role as |
Provider of public goods.
|
|
|
Under which form of business ownership
do owners have limited liability? |
Corporation
|
|
|
One advantage of using personal savings to
fund a sole proprietorship is that |
The owner retains all the profits.
|
|
|
The value of a life insurance policy on the
life of the business owner is which type of asset? |
Other
|
|
|
Product development and channels of
distribution are included in which section of the business plan? |
Operational plan
|
|
|
What is trade credit?
|
A form of short-term financing from
within the industry |
|
|
Money invested in a business by private
investors is: |
Equity funding.
|
|
|
One disadvantage of using personal savings
as a source of funding is that it: |
Provides unlimited liability
|
|
|
Which appears on the income statement?
|
Net profit
|
|
|
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.
|
|
|
The South Shore Grill hosted a dinner with
proceeds being donated to help local DECA members attend national competition. This represents ethical responsibility towards: |
Community.
|
|
|
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
|
|
|
Clarence Birdseye pioneered the
development of packaged frozen foods in the 1920s. He is considered a/n: |
Entrepreneur.
|
|
|
When an entrepreneur visits a bank to
apply for a loan, he/she should be ready to: |
Discuss his/her business plan.
|
|
|
Plans for future expansion of the business
are included in which section of the business plan? |
Growth plan
|
|
|
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
|
|
|
Ability and willingness to invest personally
in a business venture satisfies the credit requirement for: |
Capital.
|
|
|
Which is a balance sheet item?
|
Assets
|
|
|
What is a disadvantage of using a
partnership as a source of funding? |
Loss of some of the control and
ownership |
|
|
Net income is calculated by subtracting
total expenses from: |
Gross profit.
|
|
|
The three components included on a
balance sheet are: |
Assets, liabilities, and net worth.
|
|
|
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
|
|
|
Businesses can demonstrate ethical
responsibility towards customers by: |
Representing the merits of products
truthfully. |
|
|
Capital contributed by the owner(s) of a
business is: |
Equity.
|
|
|
The price the retailer pays for the
merchandise sold is: |
Cost of goods sold.
|
|
|
Entrepreneurs generally have high
expectations for themselves and strive to achieve those expectations. Thus, they are characterized as: |
Self-demanding.
|
