Business Quiz

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

Revenue generated from a business activity exceeds the expenses and cost

• Assets

• Profit

• Loss

• Liabilities

If a business's costs exceeds it sales revenue, it will experience a ........?

• loan

• profit

• loss

• debt

Which one is right?

• Asset = Owner's equity + Liability

• Asset = Owner's equity - Liability

• Asset + Owner's equity = Liability

• Asset + Owner's equity = expense

What is balance sheet?

• A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

• A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

What is a profit?

• Never giving up.

• a document that allows me to sell/make an invention.

• The amount of money that you use to purchase an item.

• The amount of money you make

Money paid to the government

• Budget
• Fees
• Taxes
• Food stamps

Tags

CCSS.7.RP.A.3

payment for goods and services, what you spend

• Income
• taxes
• expenses
• credit card