Exam 12: Understanding and Managing Start-Up, fixed, and Variable Costs

Seed capital is the start- up investment or one-time expense of opening a business.

If you sell $2,500 worth of product,pay COGS of $800 and other variable costs of $360,what is your gross profit?

Under the accrual method of accounting transactions are recorded at the time of occurrence.

Which two categories below are used for business costs?

________ is the general rise in the price of goods and service in an economy.

A litmus test for profitability is the ________.

Business start-up cost information can be obtained from ________.

If a business has total gross profit of $14,720 and total operating costs of $11,500,what is its total profit?

Why is it best to pay expenses for your business with a check,not with cash?

List 10 categories of start-up costs that are common to many businesses.