Business Basics Quiz

What is revenue?

• The money you take in from customers

• The money you spend on expenses

• The profit you make

• The loss you incur

What are expenses?

• The money you take in from customers

• The costs needed to sell your product

• The profit you make

• The revenue you earn

What is the formula for profit or loss?

• Revenue + Expenses

• Revenue - Expenses

• Expenses - Revenue

• Revenue x Expenses

When do you have a profit?

• Revenue < Expenses

• Revenue = Expenses

• Revenue > Expenses

• Revenue + Expenses

When do you have a loss?

• Revenue > Expenses

• Revenue = Expenses

• Revenue < Expenses

• Revenue + Expenses

What does it mean to break even?

• Revenue > Expenses

• Revenue = Expenses

• Revenue < Expenses

• Revenue + Expenses

What is start-up money?

• Money to buy goods

• Money to pay employees

• Money to start your business

• Money to pay taxes

Who is an entrepreneur?

• Someone who buys goods

• Someone who takes a vision and sees it through

• Someone who works for a company

• Someone who sells products

What are goods?

• Intangible items

• Services provided

• Tangible items customers can take home

• Ideas and concepts

What does it mean to invent something?

• To copy an existing product

• To create something new

• To sell a product

• To buy a product