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ent ch 7

receipts and invoices
Record keeping for a very small business can be accomplished by a journal and two boxes for storing ________.
2,700
Carla sells hot coffee, cider and tea from a sidewalk cart near Wall Street in New York City. Last month she sold $4,500 worth of product to 1,000 customers. She spent $800 on buying her beverages in bulk. Her monthly costs are: Utilities = $100, Salary = $2,000, Advertising = $0, Insurance = $0, Interest = $0, Rent (cart) = $600, Depreciation = $0. What are Carla’s fixed costs?
3 months of fixed operating costs / one half of the start-up investment
You should keep reserves of at least ________ and ________.
all of the above
Entrepreneurs use the following financial statements to run their business:
right side
On which section of the accounting journal is the matching entry entered?
cost of goods sold and other variable costs
there are two categories of variable costs ________.
prototype
A ________ is a model or pattern that serves as an example of how a product would look and operate if it were manufactured
speed capital
Start-up investment is the one-time expense of opening a business. It is also called ________.
total costs of goods sold
Total Revenue – ________ = Total Gross Profit
a check provides written proof of payment
Why is it best to pay expenses for your business with a check, not with cash?
fixed and variable
Which two categories below are used for business costs?
$800
Using the information from the exercise above, what is Carla’s monthly cost of goods sold?
fixed opperating costs
Overhead is another term for ________
assembly line production
What business concept did Henry Ford introduced that forever changed American industry?
hour
An example of a service business’s unit of sale would be one ________ of service.
net profit/investment
ROI tells you the rate of return of your capital investment in the business. You calculate it by ________.
all of the above.
Business start-up cost information can be obtained from ________.
100
To express ROI as a percentage, multiply the result of the calculation by ________.
contribution margin per unit
Other variable costs per unit subtracted from Total COGS per unit equals ________.
3220
If a business has total gross profit of $14,720 and total operating costs of $11,500, what is its total profit?
40
If a business sells 5,000 units for a total profit of $200,000, what is its profit per unit?
capital
Which of the following is not a category of fixed costs?
prototypes
The Thomas Register of American Manufacturers lists companies that specialize in creating ________.
inflation
________ is the general rise in the price of goods and service in an economy.
fixed and variable
Which two categories below are used for business costs?
payback
________ will tell you how long it will take you to earn enough profit to cover your start-up investment
10
A suggested allowance for contingencies and emergencies at start-up is ________ percent of estimated start-up costs

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