Economics and Finance Entrepreneurship Flashcard

Front

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

Back

A business expense

Front

The United States operates within what type of economic system?

Back

Mixed

Front

Socialism, the opposite of capitalism, is typical of what type of economic system? Options: Traditional, Command, Market, Mixed

Back

Command

Front

The __________ is the amount of money left after a product or service is sold and the costs of goods and other expenses are subtracted.

Back

Profit

Front

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

Back

Resource management

Front

Gross profit minus all the expenses related to the business is referred to as . . .

Back

Net Profit

Front

What two aspects of your business records are vital to manage?

Back

Accounting and document management

Front

A ________ occurrence is ongoing and happens every three months.

Back

Quarterly

Front

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

Back

True

Front

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

Back

True