Business Financials Part 1
Is the amount a business sells its products or services for.
Mary sells dresses. Last month Mary's income was $15,000, her cost of good sold was $5,500, and her total expenses were $2,300. What was Mary's net income?
What is $7,200.
Michael owns a snack truck. He has a new snack he wants to sell on the menu. The cost to make the snack is $7.00 and he wants to make a 50% profit on each snack. What is Michael's selling price for the new snack?
What is $10.50
Maria owns a daycare. She has 63,000 in cash, $135,000 in inventory, and $30,000 in long term debt. What is Maria's Equity?
What is $168,000.
Sam owns a burger shop. His sells his combos for $15.00. His total monthly cost is $12,000. How many combos does Sam have to sell to break-even? (Remember the rule for rounding)
What is 800 combos?
Broken down into accounts so you can see where the revenue is coming from.
What is Income.
Is the percentage the business wants to earn on the product or service.
What is Profit Margin
Karen has a restaurant. Last month her income was $12,000, her cost of goods sold was $5,000 and her expenses were $4,500. What is Karen's net income?
What is $2,500.
John owns a pizza shop. He has a new pizza to add to the menu. The cost to make the new pizza is $17.00. He would like to make 35% profit. What is John's selling price?
What is $22.95.
Mario has a tattoo shop. He has 125,000 in cash, $500,000 in inventory and $200,000 in long term debt. What is Mario's equity?
What is $425,000,
William owns a meat market. He only sells family packs of meat. He sells each family pack for $65.00. His monthly cost is $25,000. How many family packs must he sell to break-even? (remember to round)
What is 385 family packs.
Is the cost to produce the goods sold by the company, like labor and material costs.
What is Cost of Goods Sold.
Is a financial report that shows the company's assets, liabilities, and equity for a specific period of time.
What is a Balance Sheet.
Leticia owns a dance studio. She charges $150 a month membership fee. Last month her income was $7,500, her cost of goods sold were $3,500 and her expenses were $3,000. What is her net income?
What is $1,000.
Susan likes to thrift, she paid $35 for a pair of gently used Jordan's. She would like to make a 50% profit. What would she need to sell them for?
What is $52.50.
John owns a skateboard shop. He has $50,000 in cash, $150,000 in inventory and $75,000 in credit card debt. What is John's equity?
What is $125,000.
Betsy owns a soda shop. She sells her sodas for $1.75. Her monthly cost is $6,450. How many sodas does she need to sell to break-even? (remember to round)
What is 3,686 sodas.
Includes things like insurance, rent, utilities, and bad debt.
What is Expenses.
The cash you have on hand or your bank account.
What is an Asset.
Alexis owns a car detailing company. His monthly income is $16,000. His cost of goods sold is $9,000 and his expenses are $7,000. What is Alexis' net income?
What is $0.
Courtney owns a dress shop. She purchase prom dresses for $100 and wants to make a 25% profit selling it herself. How much does she need to sell the dresses for?
What is $125.00.
Savannah owns a beauty salon. She has $75,000 in cash, $700,000 in inventory, $65,000 in credit card debt, and $100,000 in long-term debt. What is Savannah's equity?
What is $610,000.
What is 970 t-shirts.
Is the total income.
What is Net Income.
Are monies you owe to others such as: credit cards, bank loans, mortgage payments.
What is a Liability.
Jeremiah has a skateboard shop. His income last month was $52,000, cost of goods sold $25,000 and his expenses were $5,000. What is his net income?
What is $22,000?
Christian has a clothing store. He purchased warm up pants from a wholesaler for $32.00. He would like to make a 45% profit? What would be his selling price?
What is $46.40.
Coach Skip runs an Athletic Sports Club. He has $150,000 in cash, $200,000 in sports inventory, $75,000 in credit card debt and $25,000 in long term debt. What is the Athletic Sports Club equity?
What is $250,000.
Adele has a record shop. She sells her albums to $32.50. He monthly cost is $22,000. How many albums must she sell to break-even? (remember to round)
What is 677 albums.
It is important to know so you can accurately calculate your taxes.
What is Gross Profit.
Is the owners remaining value after all liabilities have been deducted.
What is Equity.
Courtney owns a record label. She has signed many artist. Her monthly income last month was $250,000, her cost of goods sold $125,000 and her expenses were $50,000. What is Courtney's net income?
What is $75,000.
Elsa sells shoes she buys at Goodwill. She purchased a pair of Jordan's for $25.00 and wants to make a 75% profit. What would be her selling price?
What is $43.75.
Joe owns a computer repair shop. He has $50,000 in cash, $250,000 in computer inventory, $45,000 in credit card debt and $40,000 in long term debt. What is Joe's equity?
What is $215,000.
Joe owns a fitness gym. He charges $10 a membership. His monthly cost is $45,000. How many memberships must he sell to break-even? (remember to round)
What is 4,500 memberships.
Is the amount of revenue required to cover your expenses.
What is Break-Even Point
Also known as a Profit and Loss Statement that shows the total revenue and expenses for a specific period of time.
What is an Income Statement.
Fabian owns a pool cleaning business. His last months income was $30,000, his cost of goods sold was $6,000 and his expenses where $5,000. What is Fabian's net income?
What is $19,000.
Jennifer owns a trucking company. She purchased a load for $500 to be delivered near her house. She wants to make 45% on the delivery charge. What does she charge for the delivery?
Linda and James run a daycare business. They have $25,000 in cash, $300,000 in inventory, $10,000 in credit card debt and $150,000 in long term debt. What is their equity?
What is $165,000
Jose has a taco truck. He sells tacos for $2.50 each. His monthly cost is $7,000. How many tacos must he sell to break-even? (remember to round)
What is 2,800 tacos.
Inventory, equipment and company vehicles are know as.
What is Company Assets.