In accounting, what do we call a resource with economic value that is owned or controlled by an entity?
An asset
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15
Pretend you own a jewelry store. Would the rent you pay for your retail space be consider a direct or indirect expense?
Indirect
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15
Is rare art work an example of an extremely liquid asset?
No
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15
What is another name for a profit and loss statement?
Income statement
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15
Imagine you have started a shoe business. Your average shoe price is $40 and you are guessing you will sell about 10 shoes a day during your first year. If you are open every day (365 days) what should your year one revenue projection be?
$146,000
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15
Give me 2 examples of liabilities that a business might have.
Answers will vary
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15
Give me an example of revenue.
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15
What is the difference between revenue and profit?
Revenue represents the total income generated by a business from its primary operations. Profit, is the financial gain a company makes after all expenses.
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15
What is the primary purpose of creating financial projections for a business?
To plan and predict future financial performance, set realistic goals, and show investors and stakeholders how the future might look
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15
Pretend you own a lemonade stand. Would lemons be a direct or indirect expense?
Direct
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15
Give me an example of a depreciating asset.
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15
True or false: Cash is the most liquid asset you can have.
