Economics Pretest

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

• Business income

• Personal expense

• Profit and loss

• 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.

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

_____ occurrence is ongoing and happens every three months.

• Quarterly
• Annually

• Semi-Annually

• Frequency