1 Business Basics

1 Business Basics

Assessment

Flashcard

7th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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12 questions

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1.

FLASHCARD QUESTION

Front

How is a want defined?

Back

Something that adds pleasure and comfort to our lives but isn't necessary for survival.

2.

FLASHCARD QUESTION

Front

How is a need defined?

Back

Something that is necessary for survival.

3.

FLASHCARD QUESTION

Front

What are the primary characteristics of a good?

Back

The item is tangible; exclusive and permanent ownership is obtained.

4.

FLASHCARD QUESTION

Front

What is the definition of revenue?

Back

The money businesses receive from customers when they buy goods or services.

5.

FLASHCARD QUESTION

Front

What is the definition of expense?

Back

Any money spent by a business to buy the capital goods needed to make the goods or deliver the services offered to customers.

6.

FLASHCARD QUESTION

Front

The money a business has left at the end of the month after paying ALL their bills. Also known as Net Margin.

Back

Profit

7.

FLASHCARD QUESTION

Front

What is the formula for profit?

Back

Revenue - Expense = Profit

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