Business

an accurate assessment of a total start up costs will allow the business owner to create..

a budget

the income statement is designed to measure

a company's performance over a certain period of time

the accounting equation is:

all of the above

what is another word used to describe a company's liabilities?

debts

the balance sheet is at the heart of which type of bookkeeping?

double entry

what is the economic concept that states that the more of something a company buys or produces, the cheaper it becomes

economies of scale

which of the following is not a way to require employee accountability?

enforce hiearchy

true or false: employee engagement can negatively impact employee turnover.

false

which of the following are the result of Low employee engagement?

high turnover

what is the life cycle of an idea, from the original idea through, in some cases, its actual implementation

ideation

starting a company in which you only spend money that is absolutely necessary at each point in time is called a...

lean start up

sales revenue is calculated by

number of sales multiplied by average customer sale dollar

what is the process in which you orient and train new employees to be successful in their new roles?

onboarding

manufacturing companies complete primarily on what factor

price

which is used as an indicator of how well managed and healthy a company is, especially when it comes to reducing expenses and growing revenue

profit margin

Which type of bid is restricted to a select group of prescreened manufacturers?

restricted tenders

what do we call the amount of money (or income) that a company gets from its customers?

revenue

what feedback mechanism is most likely to appear in the employee break room?

suggestion box

the difference between net profit and gross profit is that net profit takes what into account

taxes

true or false: a project background and timetables are typical bid proposal elements

true

what is an example of a monthly recurring expense?

utilities

pricing your product based how a customer perceives the product is called

value based pricing

if a concession stand business sells a hotdog for $2 and it makes $.50 gross profit off just the sale of the hot dog. how much is the cost of goods sold?

$1.50

when creating a business plan, how many months of expenses do you need for funding?

6

which is NOT an example of an expense

Dividens

what do these action items best describe: require accountability, verify potential, and instill independence?

Employee supervision

an approved prequalification questionnaire

allows approved manufacturing companies to bid on a job whenever needed without reapplying each time

what is the term used to describe a statement that highlights what a business owes and what a business owns?

balance sheet

what is the term used to describe the point where your revenue equals expenses?

breakeven point

the quantity of a product that has of a product that has to be sold before you break even is...

breakeven volume