Marketing Essentials

Chapter 36: Financing the Business

Self-Checks

1
What is a personal financial statement?
A)A list of assets
B)A list of liabilities
C)A list of a business’s start-up costs
D)A summary of someone’s financial condition
2
What is an asset?
A)A liability
B)Debt capital
C)Anything of monetary value
D)Anything that is borrowed
3
If you buy a piece of equipment for your business and you take a loan to cover 50% of the price, you would list this piece of equipment on your financial statement as a/an
A)Asset
B)A liability
C)A net income
D)An asset and a liability
4
What is net worth?
A)Net income
B)Net profit
C)Gross sales
D)The differences between assets and liabilities
5
What is net income
A)Gross sales
B)The amount left after total expenses are deducted from gross profit
C)The amount left after total expenses are deducted from net sales
D)The amount left after fixed expenses are deducted from gross profit
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