Income Statement
What is a Profit?
The Accounting Equation
What is Asset = Liabilities + Owner's Equity?
Expenses that are not affected by number of products a business sells.
What is fixed expense?
The one time investment of starting a business is called
Is the name of the Texas Longhorn Mascot.
Who is Bevo?
It is also called Return on Sales (ROS)
Net Profit
Examples are Inventory, Cash, Accounts Receivable.
What is an Asset?
Expenses that change based on the quantity of goods a business sells in a given period of time.
What is variable expense?
It is the formula for calculating an entrepreneurs payback time.
What is the start - up investment divided net profit per month?
It's the Capital of Norway
What is Oslo?
when a business has less sales than its operating expense.
What is a net loss?
Total liabilities divided by total assets multiplied by 100.
What is the Debt Ratio?
based on an operating expense of $5,000 and gross profit per unit is $5, the break-even units is.
What is 1,000 units
a major source of debt financing.
What are Banks?
This missing reindeer from this list Dasher, Dance, Vixen, Comet, Cupid, Donner, Blitzen, Rudolph
Who is Prancer?
Net sales - Cost of Goods Sold (COGS)
Gross Profit
What is a Liability?
Rent is an example of this kind of expense
Fixed Expense
They are the parts that go into your start-up investment.
What are start up expenditures + Cash reserves {Emergency Fund (1/2 of start expenditures) and Reserve for Fixed Expenses (3 months)}?
The best selling music artist of ALL time.
Who are the Beatles?
They are all included sections of an income statement (3 Parts)
What is Revenue, Expense, Net Income/Loss?
The Calculation for Owner's Equity
What is subtracting total liabilities from total assets?
The entrepreneur of a service business charges $500 for a job, pays 10% commission, and has a cost of service sold per unit of $100. This entrepreneur has a contribution margin of.
What is $350?
The net income of the business is 3,000 and the owner's investment is 10,000. The Return on Investment (ROI) is. (%)
What is 30%
How much wood could a woodchuck chuck if a woodchuck could chuck wood?
A woodchuck would chuck as much wood as a woodchuck could chuck if a woodchuck could chuck wood.