The financial report that shows revenues and expenses of the business
What is the income statement?
100
Expense, asset or liability: which one would you find on an income statement?
What is expense?
100
Money in the bank
What is cash?
100
The financial report that shows assets, liabilities and equity in the business.
What is the balance sheet?
100
Average number of days that a company takes to collect revenue after a sale has been made
What is days sales outstanding?
200
Sales - COGS = ?
What is gross profit?
200
What is another name for the income statement?
What is the P&L?
200
Assets = Liabilities + Owner's Equity
OR
What is owned = what is owed + what owners have after liabilities are paid
What is the accounting equation?
200
Something of monetary value in the business
What is an asset?
200
Survey that asks only one question: "how likely is it that you would recommend our company/products/service to a friend or colleague?
What is Net Promoter Score (NPS)?
300
Labor Costs + Product Costs + Direct Overhead = ?
What is the cost of goods sold?
300
Profit before tax - income tax = ?
What is net income (profit)?
300
A bank loan is categorized as what?
What is a liability?
300
Cash, Assets, Interest Expense or Liabilities - which item is not found on the balance sheet?
What is interest expense?
300
Percentage of our billings that actually make it to an invoice to be paid versus how much we write off
What is realization rate?
400
True or false: it is possible to show a loss on the income statement for the month, yet still have enough cash to run the business for that month.
What is true?
400
Gross profit - Expenses = ?
What is profit before tax?
400
What owners have after liabilities are paid
What is owner's equity?
400
Accounts payable is a _____ compared to accounts receivable which is a ______.
What is a liability and an asset?
400
True or false: in accounting language, profit and cash are the same thing.
What is false? Mostly because the income statement reflects sales and expenses which may not be collected (cash in) or paid (cash out) for a period of many days.
500
Our sales were $292,211 and our COGS were $38,994 for the month of July. What is our gross profit for the month?
What is $253,217?
500
We spent $15,000 on new office furniture for our office. Would that purchase show up on the income statement or on the balance sheet?
What is the balance sheet? Any purchases for furniture or supplies that are over $250 are considered an asset and are recorded on the balance sheet.
500
Cash $716.00
Accounts Receivable $235.00
Inventory: $0.00
Equipment: $500.00
What are our total assets?
What is $1451?
500
This report is used to report on available cash, money owed to the business, money owed by the business, on-hand inventory and the value of any investments.
What is the balance sheet?
500
He is the creator of the Great Game of Business and current President & CEO of SRC Holdings Corporation in Missouri.