DE Intro to Business Final

Shows a companies revenues and expenses over a period of time..

Income statement

Shows the inflow and outflow of cash for a company over a period of time and is divided into 3 sections…

Cash flow statement

Which financial statement are you likely to find salaries?

income statement

which financial statement are you likely to find accounts receivable?

balance sheet

which financial statement are you likely to find bank loan payable liability?

balance sheet

which financial statement are you likely to find cost of goods sold?

income statement

which financial statement are you likely to find rebates?

income statement

______ is the owners investement in a company after all the liabilities have been payed.

owners equity

_______ are legal entities that are seperate from their owners that are not responsible for their debt.

corporations

in a sole proprietor ship, the individual has _______ liability.

unlimited

Green Bay Packers are not for profit (true/false)

True

What was the third quarter investement in the marketplace simulation?

2.5 Million

Three segments of the bikes for the market place simulation…

recreational, mountain, speed

What was the leading cause of stock-outs?

Not enough operating capacity/ didn’t meet demand

How much did venture capitalists invest in the company?

2.5 Million

Where were the 3D printed bikes being made?

Bangalore

What were the 4 cities in the marketplace simulation?

New York, Amsterdam, Rio de Janero, Bangalore

if a firm had 800,000 in assets and 200,000 in liabilities, what would be the owners equity?

600,000

how do you calculate owners equity?

assets-liabilities

printer costs 200,000 and has a life span of 10 years what is the depreciation rate? After 2 years what would be the price of the printer?

20,000 and 160,000

what is a savings account for a fixed period of time?

certificate of deposit

What are the 3 P’s?

Product, price, place

In the wall street journal how much do tariffs matter?

They don’t matter

Occurs when a country imports more than it exports…

balance of trade deficit

Goods with inelastic demand in the face of price increases:

oil and gas

3 entries that would appear on a balance sheet:

accounts receivable, cash, certificate of deposit

Companies can fund their operations with debt or equity → which needs to be paid with interest:

debt

Characteristics of an entrepreneur:

passion, energy, etc.

what is a tariff?

tax on imported goods

name of the central bank

the federal reserve/ the fed

Profits are cash (true/false)

false

Louis Sloane: did tariffs increase the price of products for him, and was he going to pass it down to his customers?

yes

in a general partnership, general partners have _______ liability for the debts of the business

unlimited

Ace-Hardware in in a buyers co-op with Home Depot (true/false)

True

Employee compensation package:

overtime, salary, pension, health care

What is the formula for gross profit?

sales revenue-cost of goods sold

which financial statement are you likely to find ultilities?

income statement

Provide an example of a sellers co-op:

Ocean spray cranberry and land of lake