FBLA Entrepreneurship

The statement of purpose in a business plan should be:

• a. however long it takes to explain the business thoroughly

• b. no longer than one or two pages

• c. exactly one sentence

• d. no more than one or two paragraphs

The appendix to a business plan would likely include:

• a. the statement of purpose

• b. demographics about the location for the new businness

• c. a copy of the owner's resume

• d. preform a financial statements

What type of business is the plant that manufactures polo clothing?

• a. manufacturing business

• b. retailing business

• c. service business

• d. wholesaling business

Lexi decides to open a shoe store. she is operating a ____ business.

• a. retailing

• b. service

• c. wholesaling

• d. manufacturing

Things that a person owns are called:

• a. liabilities

• b. net worth

• c. equity

• d assets

The list of people who receive salary or wage payments from a business is called a(n):

• a. payroll

• b. workforce

• c. account payable

• d. liability

The __ is a financial statement that shows how much money is available to pay bills.

• a. balance sheet

• b. pro forma financial statement

• c. income statement

• d. cash flow statement

Cash sales and cash payments received from customers on their credit accounts are

• a. cash receipts journal

• b. subsidiary ledger

• c. table of aging accounts

• d. purchases journal

Credit card fraud is an example of:

• a. artifical risk

• b. human risk

• c. natural risk

• d. economic risk

_____ is not one of the basic strategies for dealing with risk.

• Transferring the risk to another party

• b. Assuming the risk

• c. Avoiding the risk

• d. Denying the risk exists