Question 1

When an entrepreneur makes a scheduled payment on a conventional loan ________.

Accepted Answer

A) Part of it goes to principal and part goes to interest 
B) All of it goes to principal (balance sheet) 
C) All of it goes to interest (income statement) 
D) Part of it pays penalties 
E) None of the above 
A) Part of it goes to principal and part goes to interest 
B) All of it goes to principal (balance sheet) 
C) All of it goes to interest (income statement) 
D) Part of it pays penalties 
E) None of the above

Question 2

Liabilities that will be paid over a period of more than one year are ________.

Accepted Answer

A) Long-term liabilities 
B) Long-term assets 
C) Equity 
D) Current liabilities 
E) None of the above 
A) Long-term liabilities 
B) Long-term assets 
C) Equity 
D) Current liabilities 
E) None of the above

Question 3

COGS is an acronym for "Cost of Goods Shipped."

Accepted Answer

A) True 
 B)False

Question 4

Revenue is income received from sales of the company's products or services.

Accepted Answer

A) True 
 B)False

Question 5

In a balance sheet,the difference between assets and liabilities is called ________.

Accepted Answer

A) Owner's equity 
B) debt 
C) Cash flow 
D) Profit 
E) Income 
A) Owner's equity 
B) debt 
C) Cash flow 
D) Profit 
E) Income

Question 6

Calculate the return on sales for a business that has net income of $25,000 and sales of $60,000.

Accepted Answer

A) 42% 
B) 0)42 
C) 4)2 
D) 0)042 
E) None of the above 
A) 42% 
B) 0)42 
C) 4)2 
D) 0)042 
E) None of the above

Question 7

The last line of an income statement shows a business's ________.

Accepted Answer

A) Net profit or net loss 
B) Gross profit or gross loss 
C) Profit or loss 
D) Taxes 
E) Fixed costs 
A) Net profit or net loss 
B) Gross profit or gross loss 
C) Profit or loss 
D) Taxes 
E) Fixed costs

Question 8

Growth of ________ is a good way to measure company success.

Accepted Answer

A) Owner's equity 
B) Long-term debt 
C) Cash 
D) Liabilities 
E) None of the above 
A) Owner's equity 
B) Long-term debt 
C) Cash 
D) Liabilities 
E) None of the above

Question 9

The double bottom line answers the question,"Are you able to make a profit and operate the business in a way that makes you feel satisfied and fulfilled?"

Accepted Answer

A) True 
 B)False

Question 10

An older term used for the income statement is the ________.

Accepted Answer

A) Profit and loss statement 
B) Cash flow analysis 
C) Balance sheet 
D) Liabilities report 
E) None of the above 
A) Profit and loss statement 
B) Cash flow analysis 
C) Balance sheet 
D) Liabilities report 
E) None of the above

When an entrepreneur makes a scheduled payment on a conventional loan ________.

Liabilities that will be paid over a period of more than one year are ________.

COGS is an acronym for "Cost of Goods Shipped."

Revenue is income received from sales of the company's products or services.

In a balance sheet,the difference between assets and liabilities is called ________.

Calculate the return on sales for a business that has net income of $25,000 and sales of $60,000.

The last line of an income statement shows a business's ________.

Growth of ________ is a good way to measure company success.

The double bottom line answers the question,"Are you able to make a profit and operate the business in a way that makes you feel satisfied and fulfilled?"

An older term used for the income statement is the ________.

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, fixed, and Variable Costs

Cash Flow and Taxes

Financing Strategy: Debt, equity, or Both

Addressing Legal Issues and Managing Risk

Operating for Success

Location, facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, licensing, and Harvesting: Cashing in Your Brand

Filters

Exam 13: Using Financial Statements to Guide a Business

When an entrepreneur makes a scheduled payment on a conventional loan ________.

Liabilities that will be paid over a period of more than one year are ________.

COGS is an acronym for "Cost of Goods Shipped."

Revenue is income received from sales of the company's products or services.

In a balance sheet,the difference between assets and liabilities is called ________.

Calculate the return on sales for a business that has net income of $25,000 and sales of $60,000.

The last line of an income statement shows a business's ________.

Growth of ________ is a good way to measure company success.

The double bottom line answers the question,"Are you able to make a profit and operate the business in a way that makes you feel satisfied and fulfilled?"

An older term used for the income statement is the ________.

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, fixed, and Variable Costs

Cash Flow and Taxes

Financing Strategy: Debt, equity, or Both

Addressing Legal Issues and Managing Risk

Operating for Success

Location, facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, licensing, and Harvesting: Cashing in Your Brand

Filters