James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in
utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - AN-
SWER $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for
each one and wants to make 25%. What should her selling price be? - ANSWER $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ANSWER True
Equipment is considered ... - ANSWER a long term asset
ROI is calculated by ... - ANSWER Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ANSWER Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is
Michelle's run rate? - ANSWER $72,000
Which of the following is a variable expense? - ANSWER commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How
many bikes does he have to sell to break even? - ANSWER 10
How does an entrepreneur determine his / her selling price? - ANSWER selling price =
cost X desired profit margin + cost
1
, TRUE OF FALSE: Equity = Assets + Liabilities - ANSWER False
________ is the owner's remaining value after all liabilities have been deducted. - AN-
SWER Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair
cut. How many hair cuts must his shop perform to break-even? - ANSWER 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production. - ANSWER
False
Which 2 types of information may be found on a profit and loss statement? - ANSWER
Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who re-
main customers after a given period. Your customer retention rate can help you better un-
derstand what keeps customers with your company. - ANSWER True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer
service - ANSWER True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing
people to buy your products - ANSWER True
In which step of the sales process would you address customer concerns? - ANSWER Ob-
jection
In which step of the sales process would a customer decide to make a purchase - AN-
SWER Closing
2
utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - AN-
SWER $24,800
Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for
each one and wants to make 25%. What should her selling price be? - ANSWER $87,500
TRUE OR FALSE: Mortgage Payments are Long Term Liabilities - ANSWER True
Equipment is considered ... - ANSWER a long term asset
ROI is calculated by ... - ANSWER Net Profit / Cost of Investment X 100
Run Rate is calculated by ... - ANSWER Current Revenue for one month X 12
Michelle owns a bakery shop. Her revenue at the end of last month was $6,000. What is
Michelle's run rate? - ANSWER $72,000
Which of the following is a variable expense? - ANSWER commission payments
Anthony owns a bike shop. His monthly cost is $2,750.00. Each bike costs $275.00. How
many bikes does he have to sell to break even? - ANSWER 10
How does an entrepreneur determine his / her selling price? - ANSWER selling price =
cost X desired profit margin + cost
1
, TRUE OF FALSE: Equity = Assets + Liabilities - ANSWER False
________ is the owner's remaining value after all liabilities have been deducted. - AN-
SWER Equity
Peter owns a barber shop. His total monthly cost is $3,500.00. He charges $15.00 per hair
cut. How many hair cuts must his shop perform to break-even? - ANSWER 234
TRUE OR FALSE: Fixed Costs change depending on the volume of production. - ANSWER
False
Which 2 types of information may be found on a profit and loss statement? - ANSWER
Revenue / Expenses
TRUE OR FALSE: Customer Retention Rate is the percentage of existing customers who re-
main customers after a given period. Your customer retention rate can help you better un-
derstand what keeps customers with your company. - ANSWER True
TRUE OR FALSE: Customer Retention Rate can also signal opportunities to improve customer
service - ANSWER True
TRUE OR FALSE: Customer Acquisition refers to bringing in new customers - or convincing
people to buy your products - ANSWER True
In which step of the sales process would you address customer concerns? - ANSWER Ob-
jection
In which step of the sales process would a customer decide to make a purchase - AN-
SWER Closing
2
