8th Grade Final Exam Study Guide

Consumers who want to buy your product make up the target market

• A. True

• B. False

Two important financial statements which an entrepreneur might use are

• A. Balance sheet

• B. Income Statement

• C. Both

The location of a business (4 P')

• product

• place

• promotion

• price

A business run by two or more people is known as a

• A. sole proprietorship

• B. partnership

• C. Both

Assets are things a business

• A. owes

• B. owns

• C. None

Liabilities are things a business

• A. owes

• B. owns

• C. None

Revenue and Expenses are two items found on which financial statement?

• A. balance sheet

• B. Income statement

• C. Neither

Equation for determining Assets

• A. Liabilities + Owner's Equity = Assets

• B. Assets = Income + Expenses

• C. Neither

A person who takes the risk of starting his/her own business

• A. Employee

• B. Worker

• C. entrepreneur

Expenses that can change from month to month are

• A. Fixed expenses

• B. Variable expenses

• C. budget