Business Costs: Financial Statements & Math Calculations Exam Questions

2. Costs of a Business Math Calculations Financial Statements Final Exam Questions $200 $200 $200 $200 $400 $400 $400 $400 $600 $600 $600 $600 $800 $800 $800 $800 $1000 $1000 $1000 $1000

3. Costs of a Business Math Calculations Financial Statements Final Exam Questions $200 $200 $200 $200 $400 $400 $400 $400 $600 $600 $600 $600 $800 $800 $800 $800 $1000 $1000 $1000 $1000

4. Category 1 $200 • Also known as the “original investment” or “seed money”

5. Category 1 $400 • The cost of the bread, butter, pickles, cheeses, and meats to make a sandwich

6. Category 1 $600 • The two types of operating costs

7. Category 1 $800 • Another name for operating costs

8. Category 1 $1000 • Profit that does not take operating costs into account

9. Category 1 $200-Answer • What are start-up costs?

10. Category 1 $400-Answer • What are the costs of goods sold?

11. Category 1 $600-Answer • What are fixed and variable costs?

12. Category 1 $800-Answer • What is overhead?

13. Category 1 $1000-Answer What is gross profit?

14. Category 2 $200 • Selling price – cost of goods sold

15. Category 2 $400 Chick-fil-a buys $15,000 in stoves that last 5 years before being discarded. This is the amount the stoves depreciate yearly.

16. Category 2 $600 • The Gross Profit financial • ratio on • the Income • Statement.

17. Category 2 $800 The value of assets a company has if it has $12,500 in liabilities and $10,500 in equity. Daily Double

18. Category 2 $1000 • Cost of good sold = $0.50 • Selling price = $1.50 • Operating Costs = $100/day • The number of units needing to be sold each day to make $200 in gross profit

19. Category 2 $200-Answer • What is gross profit per unit?

20. Category 2 $400-Answer • What is $3,000?

21. Category 2 $600-Answer • What is 50%?

22. Category 2 $800-Answer • What is $23,000?

23. Category 2 $1000-Answer • What is 200?

24. Category 3 $200 Tracks income and expenses

25. Category 3 $400 Takes out sales on credit and depreciation so that business owners can see how much money actually came in/out in a month

26. Category 3 $600 The financial equation

27. Category 3 $800 All items of worth owned by the business

28. Category 3 $1000 An expense that can distort your cash picture on an income statement

29. Category 3 $200-Answer • What is the income statement?

30. Category 3 $400-Answer • What is a cash flow statement?

31. Category 3 $600-Answer • What is Assets – Liabilities = Owner’s Equity?

32. Category 3 $800-Answer • What are assets?

33. Category 3 $1000-Answer What is depreciation expense?

34. Category 4 $200 SWOT stands for this

35. Category 4 $400 The number of goods that consumers are willing to purchase at a particular price

36. Category 4 $600 Marital status, education, income, gender, race

37. Category 4 $800 • The three major activities every business engages in

38. Category 4 $1000 • Bread, gasoline, and medicine

39. Category 4 $200-Answer • What is Strengths, Weaknesses, Opportunity, and Threats

40. Category 4 $400-Answer • What is demand?

41. Category 4 $600-Answer • What are demographics?

42. Category 4 $800-Answer • What is production, marketing, and finance?

43. Category 4 $1000-Answer What are examples of inelastic demand goods?

44. Final Jeopardy • Category • Types of Business

45. Final Jeopardy List three different types of business and give one advantage and disadvantage of each. You have 30 seconds left… You have 1 minute…

46. Final Jeopardy List three different types of business and give one advantage and disadvantage of each. Time Is Up

47. Final Jeopardy Answer • Sole Proprietorship • Partnership • Corporation • Franchise