GB 370 EXAM PRACTICE QUESTIONS AND
100% VERIFIED CORRECT ANSWERS!!
liabilities measure all your revenue sources vs business expenses for a given period
income statement
SCORE is a national volunteer organization set up for the sole purpose of helping new
business owners succeed
true
sales minus ______ equals gross profit.
cost of goods sold
a financial statement should include a/an
income statement
break even analyses should not be included as part of your pricing strategy
false
___ is the amount that current assets exceed current liabilities
working capital
with a ____ accounting method, the books are kept based on the actual flow of cash in and
out of the business
cash basis
whether you use cash basis or accrual basis accounting methods can. depend on your
accountant recommendations
a common expense a business can take a tax deduction on includes
all of the above
- advertising expenses
— employee benefits
, - telephone and utility expenses
- rent
a good accounting system meets three criteria: accurate, relevant, and ___
user-friendly
one way to improve your gross profit margin is to increase the cost to produce your goods
false
___are the obligations of the business that are due within one year
current liabilites
which one of the following is not a component of a balance sheet?
net profit before taxes
for tax purposes, one of the first steps you take as a business owner is
create an employer identification number
in most service businesses, the key variable cost associated with delivering the service to
your customers will be you and your
employee's time
markup is figured as a percentage of the
sellers variable cost
Mechanistic structures limit individual autonomy and self determination which will likely
lead to lower levels of intrinsic motivation on the job.
true
in the ERG theory, the relatedness needs are satisfied through the exchange of thoughts
and feelings with other people
true
how is a firm's vision different from its mission
100% VERIFIED CORRECT ANSWERS!!
liabilities measure all your revenue sources vs business expenses for a given period
income statement
SCORE is a national volunteer organization set up for the sole purpose of helping new
business owners succeed
true
sales minus ______ equals gross profit.
cost of goods sold
a financial statement should include a/an
income statement
break even analyses should not be included as part of your pricing strategy
false
___ is the amount that current assets exceed current liabilities
working capital
with a ____ accounting method, the books are kept based on the actual flow of cash in and
out of the business
cash basis
whether you use cash basis or accrual basis accounting methods can. depend on your
accountant recommendations
a common expense a business can take a tax deduction on includes
all of the above
- advertising expenses
— employee benefits
, - telephone and utility expenses
- rent
a good accounting system meets three criteria: accurate, relevant, and ___
user-friendly
one way to improve your gross profit margin is to increase the cost to produce your goods
false
___are the obligations of the business that are due within one year
current liabilites
which one of the following is not a component of a balance sheet?
net profit before taxes
for tax purposes, one of the first steps you take as a business owner is
create an employer identification number
in most service businesses, the key variable cost associated with delivering the service to
your customers will be you and your
employee's time
markup is figured as a percentage of the
sellers variable cost
Mechanistic structures limit individual autonomy and self determination which will likely
lead to lower levels of intrinsic motivation on the job.
true
in the ERG theory, the relatedness needs are satisfied through the exchange of thoughts
and feelings with other people
true
how is a firm's vision different from its mission
