Understanding EMS Concepts

What is the difference between income and expenses?

• Income and expenses are the same, representing overall financial activity.

• Income refers to the costs incurred, while expenses are the money received.

• Income is the money received, while expenses are the costs incurred.

• Income is the total amount spent, while expenses are the money saved.

How do you calculate profit and loss?

• Profit = Total Revenue / Total Costs; Loss = Total Costs / Total Revenue.

• Profit = Total Revenue - Total Costs; Loss = Total Costs - Total Revenue.

• Profit = Total Costs + Total Revenue; Loss = Total Revenue + Total Costs.

• Profit = Total Revenue + Total Costs; Loss = Total Revenue - Total Costs.

What does net worth represent?

• Net worth is the value of total assets minus total liabilities.

• Net worth is the total income earned over a year.

• Net worth is the amount of cash in a bank account.

• Net worth is the total number of assets owned without considering liabilities.

Name three characteristics of a successful entrepreneur.

• Resilience, adaptability, strong leadership skills

• Poor time management

• Inability to collaborate

• Lack of focus

What does SWOT stand for in business analysis?

• Strengths, Opportunities, Weaknesses, Threats

• Strengths, Weaknesses, Trends, Threats

• Strengths, Weaknesses, Opportunities, Tactics

• Strengths, Weaknesses, Opportunities, Threats

How can AIDA be applied in marketing?

• AIDA is used to measure employee performance in marketing.

• AIDA can be applied in marketing by capturing attention, generating interest, creating desire, and prompting action.

• AIDA focuses solely on product pricing strategies.

• AIDA is a method for analyzing customer demographics.

List one entrepreneurial action that can lead to success.

• Follow trends without research.

• Invest in random stocks.

• Identify a market need and create a unique solution.

• Start a business without a plan.

What are the main inputs in the production process?

• Land, labor, capital, and entrepreneurship

• Innovation, strategy, supply chain, and production

• Technology, machinery, resources, and management

• Raw materials, distribution, marketing, and finance

What are outputs in the production process?

• Marketing strategies for products

• Final goods or services produced in the production process.

• Labor costs associated with production

• Raw materials used in production

Define goods and services with examples.

• Goods are experiences like vacations; services are products like groceries.

• Goods are physical items like a smartphone; services are activities like a haircut.

• Goods are intangible items like software; services are physical products like furniture.

• Goods are services provided by professionals; services are items sold in stores.