Running A Business Review

Someone who starts, operates and assumes the risk of a business venture in the hope of making a profit is known as ...

• Agent

• Employer

• Employee

• Entrepreneur

The collective name given to anything owned by a business, including its equipment, stock and cash is called ...

• Assets

• Income

• Debtors

• Inventory

Emma owns a cafe. Despite having $1000 in her bank account, Emma's bank allows her to write a cheque to her coffee supplier for $1500.

What type of loan had Emma's bank provided her?

• Store Credit

• Payday Loan

• Bank Overdraft

• Mortgage Loan

What is the amount remaining when the cost of goods sold is deducted from sales/revenue?

• Assets

• Liabilities

• Net Profit/Loss

• Gross Profit/Loss

The term distribution chain is best defined as ...

• A person or business that makes goods

• The ways of getting the product to the customer

• A business that sells products directly to consumers

• To buy products, via a catalogue, for delivery by mail

A store that sells a variety of products concentrating on food items, magazines and newspapers is referred to as ...

• Supermarket

• Specialty Store

• Department Store

• Convenience Store

When a company has become a separate legal entity from it's owners (shareholders) ...

• Partnership

• Incorporation

• Franchise

• Revenue

A business owned and operated by one person

• Partnership

• Franchise

• Subsidiary

• Sole Trader

The ability of a business to pay its debts on time.

• Liquidity

• Financial Solvency

• Free-Trade Agreement

• Owners Equity

The costs incurred in running a business ...

• Expenses

• Gross Domestic Product

• Inclusions

• Income