In order to stay in business, a business must be able to ________.
0%
have deep discounts
0%
make a profit
0%
get a bank loan
0%
sell products cheaply
Q.2.
A profit is a _________.
0%
gain on investment
0%
sale on a unit piece
0%
overhead expense
0%
the store owner's salary
Q.3.
The gross profit is ________.
0%
calculated by subtracting the costs of operating the business
0%
the total amount of all sales of goods
0%
the amount left over after deducting for overhead costs
0%
the total amount of a sale of a product minus the initial cost of the product
Q.4.
The price of each piece of goods is known as the ________.
0%
gross cost
0%
total cost
0%
unit cost
0%
sale's cost
Q.5.
Rent, electricity, heat, water and sewer, telephone, advertising, supplies (hangers, tags, etc.), insurance, a security system and salaries are all _________.
0%
operating costs
0%
business taxes
0%
parts of the gross profit
0%
included in the profit
Q.6.
The net profit is _____________.
0%
the cost of goods minus the costs of operating the business
0%
the gross profit minus the costs of operating the business
0%
the inventory of goods minus the costs of operating the business
0%
the sum left to pay overhead expenses
Q.7.
The difference between the gross profit and the operating expenses when the operating expenses are greater than the gross profit is known as _______.
0%
a net profit
0%
a gross loss
0%
a net loss
0%
a unit cost
Q.8.
Another important part of having a successful business is to always maintain a positive flow of ________.
0%
cash flow
0%
employees
0%
goods
0%
inventory
Q.9.
If customers will not buy a product at a certain cost, the store owner is forced to _______.
0%
operate at a net loss
0%
return the product to the vendor
0%
destroy the product
0%
lower the price
Q.10.
Understanding profit and loss can help you to _________.
0%
graduate from college
0%
find a job
0%
run a household
0%
buy a business
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