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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 ________.
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 ________.
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?
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?
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 ________.
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 ________.
If a business has total gross profit of $14,720 and total operating costs of $11,500, what is its total profit?
If a business sells 5,000 units for a total profit of $200,000, what is its profit per unit?
Which of the following is not a category of fixed costs?
The Thomas Register of American Manufacturers lists companies that specialize in creating ________.
________ 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?
________ will tell you how long it will take you to earn enough profit to cover your start-up investment
A suggested allowance for contingencies and emergencies at start-up is ________ percent of estimated start-up costs

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