Unit 2 Review Ready to Go

Marketing is a function of business.

• True
• False

Production is a function of business.

• True
• False

Employees can...

• monitor machines
• do quality control checks
• transport products
• All of the above

ISO is a part of

• Grading
• Quality Control
• Processing
• Purchasing

What are tools and machinery considering the 4 factors of production?

• Entrepreneurship
• Capital
• Labour
• Natural Resources
• Raw Materials

Marketing is a function of business.

• True
• False

In which order are a balance sheet assets in

• Most to least amount of money
• Least to most amount of money
• Least Liquifiable to most Liquifable
• Most Liquifiable to least Liquafabel

What is owner's equity

• Amount of income of the owner of a business
• Things of value owned by a company
• Total value of liabilties
• The amount left for the owners if a company sold all assets to meet liabilties

An income statement is a financial report that sumarises the revenue, expenses, and costs of goods sold

• TRUE
• FALSE

On a balance sheet, which order would the liabilties be listed (Mortgage payable, Account Payable, and Bank Loan)

• Bank Loan, Mortgage payable and Account Payable
• Mortgage, Bank loan and Account Payable
• Account payable, Bank Loan, and Mortgage payable