WorksheetsIntro to Business Final prep June 2024
Total questions: 63
Worksheet time: 38mins
What is gross pay?
Rate of pay multiplied by hours worked
Rate of pay multiplied by hours worked minus all deductions
Rate of pay multiplied by deductions and subtracted from net pay
Net pay multiplied by gross wages
What is net pay?
Rate of pay multiplied by hours worked
Rate of pay multiplied by hours worked minus all deductions
Rate of pay multiplied by deductions and subtracted from net pay
Net pay multiplied by gross wages
What is revenue?
The money remaining in a business after all expenses and deductions have been taken.
Income generated from business operations/sales
The amount of cash on had for daily business operation.
All of the answers are correct.
What is the percentage of your paycheck that your employer pays toward social security?
2.2%
4.2%
6.2%
2.6%
What is the retail price?
The price the consumer pays when purchasing goods and services.
The price a business pays when purchasing goods and services from another business
The cost of goods sold
The cost of goods sold minus all expenses
What is revenue?
The money remaining in a business after all expenses and deductions have been taken.
Income generated from business operations/sales
The amount of cash on had for daily business operation.
All of the answers are correct.
What is the wholesale price?
The price the consumer pays when purchasing goods and services.
The price a business pays when purchasing goods and services from another business
The cost of goods sold
The cost of goods sold minus all expenses
What is an expenditure?
Revenue minus expenses
Revenue and expenditure are the same
Cost of goods sold
The act of using/spending money
What is the formula for profit?
Expense - Revenue = Profit
Revenue - Expense = Profit
Profit - Expense = Revenue
Revenue + Expense = Profit
If, after applying the profit formula, the net margin is zero, or close to zero, the business is at...
Profit
Loss
Breakeven
Profit Motive
What is cash flow?
Money that flows through a business in the form of sales and expenses.
Taxation, documentation fees and statuary expenses.
Employee compensation.
Employee deductions minus revenue = DPSA
What is a balance sheet?
Shows a picture of a company's financial position over a period of time, it shows expenses, revenue, and profitability. Also called a profit and loss statement.
Equity: The owner's interest in property after deduction of all liabilities.
Summary statement of the firm's financial position at a given point in time. A balance sheet shows assets and liabilities and owner's equity
A summary of sales and employee deductions as well as taxes.
An ergonomic balance of ethos and primary wants and needs.
What is an income statement?
Shows a picture of a company's financial position over a period of time, it shows expenses, revenue, and profitability. Also called a profit and loss statement.
Equity: The owner's interest in property after deduction of all liabilities.
Summary statement of the firm's financial position at a given point in time. A balance sheet shows assets and liabilities and owner's equity
A summary of sales and employee deductions as well as taxes.
An ergonomic balance of ethos and primary wants and needs.
What is fair market value?
The price of a business or real property adjusted for inflation by the federal reserve.
The price at which a business/real property will sell for on an open market.
What is goodwill?
The amount of money spent on advertising.
That intangible asset that is a result of name, reputation, customer loyalty, location, products, and similar factors not separately identified.
The store where you drop off your old clothes and appliances.
A tangible asset that has a specific value as outlined in government guidelines.
What is a "going concern"?
A business that was going but is now closed.
The terminology used for a business just before it opens.
An ongoing operating business enterprise.
What are gross sales?
The total of all sales transactions for a business.
The total of all sales transactions minus all expenses.
The total of all sales transactions, expenses, and employee payroll.
Employee payroll
If 500 plastic cups cost $500, what is the cost of each cup?
10 cents
1 dollar
50 cents
1 cent
How many ounces are in one pound?
16 ounces
32 ounces
128 fluid ounces
256 fluid ounces
How many ounces are in one gallon?
16 ounces
32 ounces
128 fluid ounces
256 fluid ounces
How many ounces of Red Bull are in the cans we use to make drinks in the Ram Shack?
8.4 fluid ounces
16 ounces
4.8 fluid ounces
128 fluid ounces
How many ounces of Monster are in the cans we use to make drinks in the Ram Shack?
8.4 fluid ounces
16 fluid ounces
4.8 fluid ounces
128 fluid ounces
Which is more expensive per fluid ounce?
Red Bull
Monster
Milk
Club Soda
What are taxes?
A form of income for business entities.
Voluntary payments collected by government institutions to fund government activities.
A darn shame
Mandatory payments collected by government institutions to fund government activities.
Keystone markup percent is
50%
100%
500%
10%
What are assets?
Things you/business own.
Things you/business owe.
Similar to liabilites.
Landshark.
What are they referring to if part of the purchase price of a business is called "blue sky"?
Intangible assets such name, reputation, customer loyalty, location, products, and similar factors not separately identified.
Tangible assets such as equipment, real property, and vehicles.
The value of the employee retirement program added to the PERS years of service account.
What does it mean to "flip" a house?
You find an undervalued house that probably needs repairs and you fix it and sell it.
You move a house from a neighborhood with low property values to a neighborhood that has higher property values.
Earnings Before Income Tax Daily Asset Sales
What is a patent?
A patent is a legal document that gives the holder exclusive rights to an invention, product, or process for a set period of time.
An accounting technique to lower the value of an intangible asset or the act of paying down a loan
An accounting method designed to pay for a piece of equipment by qualifying for an RDA government loan.
What is a royalty?
A royalty is paid to the owner of an asset from someone who under contract uses the asset.
A royalty is paid to the owner of a liability from someone who under contract uses the asset.
An accounting method designed to pay for a piece of equipment by qualifying for an RDA government loan.
What is sales tax?
A poll tax.
A tax on gross purchases of a business.
A tax on the income of a business.
A tax on the sales of a business.
In Washington State is milk a taxable item?
Yes
No
In Washington State is there sales tax on carbonated beverages such as Coca Cola or Pepsi products?
Only at grocery stores.
Yes
No
Only at convenience stores.
Your business sells shoes and t-shirts to the general public
This business is a retail business.
This business is a wholesale business.
This business is a distributor.
Ferguson plumbing located in the Spokane Valley only sells plumbing supplies to licensed contractors but not to the general public.
This business is a retail business.
This business is a wholesale business.
If you purchased a tub of cookie dough for $50 how many cookies would you have to sell at $1 each to make $50 dollars of profit?
25 cookies
50 cookies
100 cookies
500 cookies
What is a tax deduction?
A certification that ensures that business meets the certificated standards of the IRS.
A certification that adheres to the guidelines and practices of six sigma and the processes for holding employees accountable for equitable behavior, time on the job, post employment work.
An item or expense that can reduce taxes owed.
An item or expense that increases taxes.
What are the 4ps of Marketing
Product, Price, Place, and Promotion
Product, Price, Place, and Premium
A rule that business people use to manage employees.
Define the term customer acquisition.
Refers to the process of bringing in new customers or clients for your business.
The process of managing the flow of customers into and out of your store.
The logistical endeavor of managing customer needs.
Nuttin' much
What is inventory?
Goods that a business has on hand to sell.
Goods that a business has on order.
Services that a business has to sell.
The cost for a lawncare business owner to mow for one hour is $20 employee cost, $5 transportation, $5 fuel cost. If you keystone markup all the associated costs how much will you charge the customer for two hours of mowing?
$40
$100
$60
$120
The price for Red Bull has gone up about $6 per case in the last year. What should be the correct business decision for Ram Shack pricing on drinks that contain Red Bull.
maintain the current prices
raise the price of drinks containing Red Bull
lower the prices to generate more revenue
A tub of cookie dough costs $22 dollars and you sell cookies for 50 cents. If you sell 100 cookies what is the gross revenue from the sale of the cookies?
$44
$50
$100
$75
A tub of cookie dough costs $22 dollars and you sell cookies for 50 cents. If you sell 100 cookies what is the net profit from the sale of the cookies?
$44
$50
$100
$28
What is the percentage of your paycheck that you pay toward social security?
2.2%
4.2%
6.2%
2.6%
What is the percentage of your paycheck that you pay toward Medicare?
1.45%
4.2%
6.2%
2.6%
What is the percentage of your paycheck that your employer pays to Medicare on your behalf?
1.45%
4.2%
6.2%
2.6%
As prepared in the Ram Shack a sixteen ounce can of Monster makes how many Italian sodas?
1
2
3
4
What is the minimum wage in Washington state?
$16.28
$15.79
$17.59
$14.79
What is the federal minimum wage?
$5.65
$7.25
$10
$10.99
What is prestige pricing?
setting a high price on an item so it suggests high status
pricing with the competition
pricing below the competition
bundling low markup and high markup items together as a package deal
What is addon/option pricing?
setting a high price on an item so it suggests high status
pricing with the competition
pricing below the competition
adding optional high markup items to low markup items together as a package deal
What is an example of captive pricing?
printer ink
steak
cars
snowmobiles
What is bundle pricing?
setting a high price on an item so it suggests high status
pricing with the competition
several complementary products sold at a single price
adding optional high markup items to low markup items together as a package deal
Which item below is an example of bundle pricing?
cable internet package with cable tv
a new car with included tires
dog food that comes with added vitamins
Choose the all the correct answers describing an arabica coffee bean.
Grown above 1000 meters
Lower caffeine content than a Robusta bean
Considered the highest quality type of coffee bean
Can be grown anywhere in the world
What is the difference between espresso and drip coffee. Choose all correct answers.
Espresso has a lower coffee to water ratio than drip coffee
Espresso is brewed under pressure
An espresso grind is finer than drip coffee grind
Espresso grind is coarser than drip coffee grind
It is allowable for students to consume high quantities of high fructose corn syrup as a sweetener for the drinks sold in the Ram Shack.
True
False
The P.O.S. we use in the Ram Shack processes credit/debit card payments though
Bank of America
U.S. Bank
Quantum Gigantics
Square
The acronym P.O.S. stands for
Pile of Stuff
Point of Sale
Predetermined Open Sales
What is a till?
Farmers till the field
The drawer in the POS where we control money.
Keep the Italian sodas coming till the end of lunch
A method of pricing goods
Payroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.
True
False
2. Steve got his first job and is creating a budget for the first time and doesn’t know which to use - his NET PAY or his GROSS PAY. What do you tell him?
