Economics and Finance - Module 3

Money that is spent on equipment, resources, or supplies is referred to as...

• business income

• a personal expense

• profit and loss

• a business expense

The United States operates within what type of economic system?

• traditional

• command

• market

• mixed

Socialism, the opposite of capitalism, is typical of what type of economic system?

• traditional

• command

• market

• mixed

The __________ is the amount of money left after a product or service is sold and the costs of goods and other expenses are subtracted.

• loss

• P&L statement

• profit

• expense

The effective use of all the things available to your business is known as . . .

• business management

• financial management

• resource management

• personal management

When a business has more expenses than income from sales for a specific time period, their P&L Statement would show a(n):

• profit

• expense

• loss

• revenue

Resource management refers to the effective use of what item for business?

• equipment

• products

• money

• all of these

Gross profit minus all the expenses related to the business is referred to as...

• net income

• negative revenue

• total income

• net profit

What two aspects of your business records are vital to manage?

• Accounting and document management

• Accounting and income

• Receipts and document management

• Profit and loss

A ___________ occurrence is ongoing and happens every three months.

• quarterly

• annually

• semi-annually

• frequency