WorksheetsEconomics Pretest
Total questions: 25
Worksheet time: 13mins
Money that is spent on equipment, resources, or supplies is referred to as...
Business income
Personal expense
Profit and loss
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 (a) is the amount of money left after a product or service is sold and the costs of goods and other expenses are subtracted.
The effective use of all the things available to your business is known as...
Business management
Financial management
Resource management
Personal management
When a business has more expenses than income from sales for a specific time period, their P&L Statement would show a(n):
Profit
Expense
Loss
Revenue
Resource management refers to the effective use of what item for business?
Equipment
Products
Money
All of these
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
_____ occurrence is ongoing and happens every three months.
Annually
Semi-Annually
Frequency
The phrase “opportunity cost” relates to the financial results of your economic decisions.
True
False
Many business expenses are tax-deductible.
True
False
You should always keep your business bank account separate from your personal bank account.
True
False
Being generous is the hallmark of people who live successful lives and who operate business with soul.
True
False
Giving of your time and/or money to your community is not encouraged.
True
False
Competition is a key characteristic of capitalism.
True
False
A P&L Statement is a document subtracting all of the expenses from all the sources of income for a given period of time.
True
False
Generosity only deals with money.
True
False
Every business is required to pay taxes.
True
False
Profit is the total revenue from a business divided by the total expenses.
True
False
The effective use of all the resources available to your business
Resource management
Personal management
When there is a greater demand for something than the amount actually available
Scarcity
Inflation
Giving money to a nonprofit organization
Paying taxes
Charitable giving
Total sales amount minus the cost of goods sold
Gross profit
Net profit
Business income that you save for emergencies or future business expenses
Retained earnings
Venture capital
