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Unit 3 Quiz Review:

Entrepreneurship Unit 3: Financial Literacy

QuestionAnswer
Which of the following best describes the purpose of conducting a SWOT analysis?  To analyze what is causing success and harm to a company’s progress
To analyze what is causing success and harm to a company’s progress Reputational risks 
Risks related to the availability and management of financial resources are called:  Financial risks
True or False: Strengths and weaknesses are considered external factors in a SWOT analysis.  False
The four components of the SWOT analysis are strengths, weaknesses, threats, and ________.  Opportunities 
Total Liabilities of a business can be found in which of the following financial statements?  Balance Sheet 
True or False: The Cash Flow Statement shows gross profit, net income, and net sales False
True or False: The net income is determined by subtracting the three types of expenses from revenue.  True
 In order for a balance sheet to balance, the sum of liabilities and equity must equal what? Assets
What is the overall purpose of financial statements? To communicate the financial performance and position of a company 
Multiplying the selling price of a product by the number of products sold will calculate your business’s what?  Revenue
True or False: A business’s operating costs and start-up costs are usually the exact same amount.  False
Which of the following factors is most likely to impact an organization's operating costs? Technological advancements and automation 
What are the expenses incurred during the process of creating a new business? Start-up costs
What is the act of creating a business while building and scaling it to generate a profit? Entrepreneurship
Created by: user-1774101
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