Intro to Business Final prep June 2024

What is gross pay?

• Rate of pay multiplied by hours worked

• Rate of pay multiplied by hours worked minus all deductions

• Rate of pay multiplied by deductions and subtracted from net pay

• Net pay multiplied by gross wages

What is net pay?

• Rate of pay multiplied by hours worked

• Rate of pay multiplied by hours worked minus all deductions

• Rate of pay multiplied by deductions and subtracted from net pay

• Net pay multiplied by gross wages

What is revenue?

• The money remaining in a business after all expenses and deductions have been taken.

• Income generated from business operations/sales

• The amount of cash on had for daily business operation.

• All of the answers are correct.

What is the percentage of your paycheck that your employer pays toward social security?

• 2.2%

• 4.2%

• 6.2%

• 2.6%

What is the retail price?

• The price the consumer pays when purchasing goods and services.

• The price a business pays when purchasing goods and services from another business

• The cost of goods sold

• The cost of goods sold minus all expenses

What is revenue?

• The money remaining in a business after all expenses and deductions have been taken.

• Income generated from business operations/sales

• The amount of cash on had for daily business operation.

• All of the answers are correct.

What is the wholesale price?

• The price the consumer pays when purchasing goods and services.

• The price a business pays when purchasing goods and services from another business

• The cost of goods sold

• The cost of goods sold minus all expenses

What is an expenditure?

• Revenue minus expenses

• Revenue and expenditure are the same

• Cost of goods sold

• The act of using/spending money

What is the formula for profit?

• Expense - Revenue = Profit

• Revenue - Expense = Profit

• Profit - Expense = Revenue

• Revenue + Expense = Profit

If, after applying the profit formula, the net margin is zero, or close to zero, the business is at...

• Profit

• Loss

• Breakeven

• Profit Motive