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Intro To Business Ch 12 Part I
Test Description: Good luck!
Instructions: Answer all questions to get your test result.
1) If expenses are less than revenue, the business will suffer a loss.
A
true
B
false
2) Budgeting is much easier for a new business than for a well-established business.
A
false
B
true
3) Explaining the budget to people who need financial information to make decisions is the first step of the business budgeting process.
A
true
B
false
4) There is no point in comparing your financial statements with those of another company
A
true
B
false
5) A payroll is the financial record of employee compensation, deductions, and net pay.
A
false
B
true
6) With direct deposit, an employer transfers net pay electronically into an employee's bank account.
A
False
B
True
7) The basic financial equation is...
A
expenses-revenue=profit or loss
B
revenue+expenses=profit or loss
C
revenue-expenses=profit or loss
D
expenses+revenue=profit or loss
8) Assets, liabilities, and owner's equity for a specific date are on a financial statement called the ....
A
income summary
B
net profit
C
incorporated expenses report
D
balance sheet
9) Cash is the most ____ of all assets.
A
liquid
B
flexible
C
fluid
D
rigid
10) The main source of financial information established businesses use to prepare a budget is
A
the company financial records
B
the SBA
C
accountants and bankers
D
The Wall Street Journal
11) Tyler likes going to live events of professional sports teams because of the high-definition scoreboards and screens that can be used for game stats and to entertain fans. Tyler is most likely interested in
A
spatial layout components of the physical environment
B
benefit-based promotional efforts
C
marketing communications
D
aesthetic components of the physical environment
12) Amber really enjoys attending the game at the new hockey arena because of the spacious walkways, large restrooms, and location of the concessions. Amber is most likely interested in
A
benefit-based promotional efforts
B
spatial layout components of the physical environment
C
aesthetic components of the physical envionment
D
marketing communications
*select an answer for all questions
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