Economics and Finance Entrepreneurship Quiz

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

• Business income

• A personal expense

• Profit and loss

• A 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.

• Profit
• loss

• P&L statement

• expense

The effective use of all the things available to your business is known as . . .

• Business management

• Financial management

• Resource management

• Personal management

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

A ________ occurrence is ongoing and happens every three months.

• Quarterly
• Annually
• Semi-annually
• Frequency

The phrase “opportunity cost” relates to the financial results of your economic decisions.

• True

• False

You should always keep your business bank account separate from your personal bank account.

• True

• False