Final Exam Practice 12-6

If a company owes $100,000, what section of the balance sheet would this debt be placed on?

• Liabilities

• Equity

• Revenue

• Assets

Which term describes rivalry among businesses?

• Scarcity

• Monopoly

• Competition

• Struggle

When a new business is formed, money is spent on inventory, operational expenses, and marketing. What term describes these activities?

• Funding rounds

• Sales budget

• Factoring

• Start-up costs

What is the time and place where a retail transaction is completed?

• Property management system

• Point of sale

• Account payable

• Customer exchange

What formal declaration contains the values and goals of a company?

• Mission statement

• Income analysis

• Executive summary

• Competitor analysis

What document includes qualifications, duties, responsibilities, title, and pay range for a position?

• Job description

• Portfolio

• Job application

• Resumé

What term describes the type of funding used when an entrepreneur starts a company using profits and personal finances without external help or capital?

• Bootstrapping

• Merger acquisition

• Angel investment

• Crowdfunding

1. Marci has owned a successful infant girls boutique for five years. This year she has decided to add a new clothing line for infant boys. Which product concept does this change represent?

a.

b.

• Niche

• Pivoting

• Minimal viable product

• Contract manufacturing

What is needed for tax purposes when starting a business and hiring employees?

• EIN

• NSA

• PTO

• DBA

What brief presentation is a quick overview of a business that would be used during a face-to-face or online meeting with potential investors, customers, and partners?

• Accelerator

• Incubator

• Boom start-up

• Pitching