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GZWS_36
| Question | Answer |
|---|---|
| start-up costs are essentially fixed, and so the amount of money required to meet them is the same for both small and large businesses. | False |
| a new business owner should calculate personal costs after all other business expenses have been estimated and presented in the business plan. | False |
| Malika is a lawyer who operates a sole proprietorship law practice. Her net sales are the same as her gross profit. | True |
| because an employee pays both social security and medicare taxes, employers are not obligated to pay social security taxes on their employee's earnings. | False |
| a company's business taxes are part of its fixed expenses. | True |
| what document summarizes all of a loan applicant's assets and liabilities? | personal finance statement |
| shawn has assets of $130,000 and debts of $75,000. What is his net worth? | $55,000 |
| What part of a monthly business plan helps a business owner know whether or not the business will be able to pay its bills? | cash flow statement |
| a clothing store had $250,000 worth of inventory. The store's buyers purchased an additional $110,000 worth of inventory during the year. At year's end, the value of the inventory was $185,000. What was the store's cost of goods sold? | $175,000 |
| if a company had a gross profit of $136,532 and net income from operations of $75,945, what was the total amount of its operating expenses? | $60,587 |
| Jamal earns $18 per hour,and he receives time-and-a-half for each hour that he works beyond 40 hours in a week. last week, jamal worked 48 hours. His deduction totaled $196.50. His net pay for the week has ______ | $739.50 |
| A business's operating expenses such as advertising costs and long distance telephone costs are known as ______ expenses | variable |
| Banks look at the assets of a potential borrower because the assets can be sold if necessary to pay off the loan. therefor, assets , may also be known as _____ for a second loan. | collateral |
| Felicia has assets of $25,000, $14,500, $9000, and 3725. Her debts are 12480 and 2700. Her net worth is _____ | $37045 |
| a document that indicates a loan applicant's past behavior in repaying debts is called a _____ | credit |
| A asset that a business uses over a period of years such as a desk, a building, or an earthmover is referred to as an _____ asset. | fixed |
| Net worth, ownership interest, and ____ are different terms that all refer to the same monetary value. | equity |
| Total third quarter sales were 315,000. Customer returns and and allowances totaled 2900. The cogs was 125000. the operating expenses totaled 89,750. loan interest was 1800. taxes were 22 percent. the company's net profit after taxes was _____ | 75,529 |
| a leader will use different types of ____ ratios to determine a business's ability to meet its current debts. | liquidity |
| expenses that will not be repeated | one-time-cost |
| the total values of one's assets minus the total value of one's debt | personal net worth |
| operating expenses paid throughout the life of a business | continuing costs |
| total of all sales for any period of time | gross sales |
| the difference between the total of a business's sales and the consumers' return or allowances | net sales |
| a business owner's monthly living expenses and household cash needs | personal costs |
| a monetary debt | liability |
| the difference between net sales and the cost to a business of goods sold | gross profit |
| accounts receivable, inventory, and cash in the bank | current assets |
| a estimate of the amount of money an owner will need for the first year of a business's operation | start-up costs |
Created by:
vhaun
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