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WorksheetsMarketing & Entrepreneurship IA3 Prep
Total questions: 40
Worksheet time: 40mins
1. Inventory is an _____.
asset
expense
none of the above
Cash is an _____.
asset
exense
none of the above
Advertising is an _____.
asset
expense
none of the above
The goods and materials available for sale at the beginning of a period are _______.
beginning inventory
costs of goods sold
ending inventory
raw materials
The cost of the merchandise that was sold to customers is
beginning inventory
costs of goods sold
ending inventory
raw materials
Checkout counters are an example of this operating expense _____.
rent
advertising
equipment
fixtures
______ is the total amount a business earns before any deductions, such as taxes, are taken out.
gross income
break even point
net income
Use this formula to help solve the problem.
- gross income = total of all incomes added together
Given the following information what does the gross income for the month equal?
Cash = $100, Checks = $200, Credit Card
$300
$500
$600
$700
A financial statement that shows the revenue and expenses of a business for a specific time period and determines if a business has a profit or a loss is called
income statement
cash flow statement
balance sheet
The "who" part of the heading is _____.
The Forks Gym
Income Statement
For the Month Ended August 31, xxxx
Forks Gym has a net ____.
income
loss
What is the total revenue for membership fees?
$3,000
$4,000
$10,000
$17,000
What are the total expenses for Forks Gym for the month of August?
$1,000
$3,000
$4,000
$8,000
What are the total assets of Forks Gym for August?
$25,000
$47,000
$72,000
none of the above
What are the total liabilities of Forks Gym for August?
$25,000
$47,000
$72,000
none of the above
Use the equation to answer the question.
Revenue - Operating Expenses = Cash Flow
If revenue is $7,000 and operating expenses are $6,000, cash flow equals _____.
-$1,000
$1,000
-$13,000
$13,000
A business would have a positive cash flow if revenue is _____ operating expenses.
Lesson than
Greater than
Equal to
A group of private wealthy investors called _____ help entrepreneurs finance a new business by investing anywhere from $50,000 to $2 million.
Miracle investors
Angel investors
Rich investors
As a last resort, an entrepreneur might finance a new business with ________ .
Investments
Credit cards
Grants
Loans
Business loans ______ provide money for things such as funding company expansion and new product development.
can
cannot
Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years.
What is the amount of interest paid?
$360
$1,800
$18,000
$30,000
Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years.
What is the yearly payment amount?
$360
$1,800
$6,360
$18,000
Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years.
What is the monthly payment amount?
$360
$530
$1,800
$6,360
_____ are reasons why entrepreneurs improve the economy. (select all that apply)
New businesses = no new employees
New technology
Self-confidence = stimulated economy
No taxes
If there is a high demand for a product, the price for that product will ______.
Be lower
Be higher
Stay the same
None of the above
The correct formula to measure the GDP is _____.
GDP = C + G + I - (X-M)
GDP = C + G + I + (X-M)
GDP = C - G - I - (X-M)
GDP = C - G - I + (X-M)
An example of government spending when calculating the GDP using the expenditures approach is _____.
food
salaries of public employees
construction of a new mine
none of the above
Michael owns a woodwork shop. For his business, rent is an example of a ____ cost, and wood is an example of a ____ cost.
variable, fixed
variable, variable
fixed, fixed
fixed, variable
The legal form of business ownership that is owned by two or more people is a _______.
sole proprietorship
partnership
corporation
limited liability company
Dealing with competition from creation of a new product is an example of a(n) _______.
Compliance risk
Operational risk
Financial risk
Strategic risk
_____ is a source of assistance that promotes the business economy in each specific area it is located.
SBA
SBDC
SCORE
Chamber of Commerce
Recognizing a problem exists and taking action to resolve it is an example of _____.
initiative
compromise
diplomacy
communication
An aptitude test is designed to determine a person’s capacity to ______ skills.
buy or sell
learn or acquire
sell or teach
evaluate or solve
John opened a new bakery for locals to enjoy. He even offers few cookies on Friday to customers who rate his store online. He is the only owner and carries all risk for the business. This business is a _____.
Sole proprietorship
Partnership
Corporation
Limited liability company
A(n)____ is a financial system or budget where there is a careful supervision of resources to prevent too much spending or excess.
Bank account
Fixed income
Spreadsheet
Economy
One way to measure the size of a country’s economy is ______ .
GPD
Scarcity
GDP
Allocation
The total amount a business earns before any deductions, such as taxes, are taken out is called _______.
Break-even point
Net income
Gross income
None of the above
A financial statement that shows the revenue, or sales, and expenses of a business for a specific time period and determines if a business has a profit or a loss is called _____.
Balance sheet
Cash flow statement
Income statement
None of the above
The balance between supply and demand is called _____.
Equilibrium
Price
Quantity
Equal
_______ is the distribution of a good or service.
Scarcity
Allocation
Economics
None of the above
