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FREE BUSINESS AND STUDY GAMES ABOUT UNIT 3 QUIZ
REVIEW: EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -15 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: What are the expenses incurred during the process of creating a new
business?
Answer:
Start-up costs Question 2: True or False: Strengths and weaknesses are considered external factors in a SWOT analysis.
Answer:
False Question 3: Multiplying the selling price of a product by the number of products sold will calculate your business's what?
Answer:
Revenue
Question 4: Risks related to the availability and management of financial resources are called:
Answer:
Financial risks Question 5: True or False: The net income is determined by subtracting the three types of expenses from revenue.
Answer:
False Question 6: The four components of the SWOT analysis are strengths, weaknesses, threats, and
________.
Answer:
Opportunities Question 7: True or False: A business's operating costs and start-up costs are usually the exact same amount.
Answer:
False Question 8: Which of the following best describes the purpose of conducting a SWOT analysis?
Answer:
To analyze what is causing success and harm to a company's progress Question 9: Total Liabilities of a business can be found in which of the following financial statements?
Answer:
Balance Sheet Question 10: Which of the following factors is most likely to impact an organization's operating costs?
Answer:
Technological advancements and automation
Question 11: What is the overall purpose of financial statements?
Answer:
To communicate the financial performance and position of a company Question 12: True or False: The Cash Flow Statement shows gross profit, net income, and net sales
Answer:
False Question 13: To analyze what is causing success and harm to a company's progress
Answer:
Reputational risks Question 14: In order for a balance sheet to balance, the sum of liabilities and equity must equal what?
Answer:
Assets Question 15: What is the act of creating a business while building and scaling it to generate a profit?
Answer:
Entrepreneurship
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