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1. The person who transforms ideas for products of services into real-world business.
A
Entrepreneur
B
Business Person
C
Manager
2. Forms of Business
A
Partnership & Corporation
B
Service & Merchandising Business
C
Sole Proprietorship and Corporate
3. Service Business
A
Chiquita Panama Llc, The Real Car Wash
B
Canal de Panama, Romero
C
Copa Airlines, Acuario Hair Salon
4. Merchandising Businesses
A
Department Stores, Car Dealers
B
Shipbuilders, Bakeries
C
Car Wash, Real Estate
5. Manufacturing Businesses
A
Bakeries, Tire Factories.
B
Car Dealers, Supermarkets
C
Salons, Repair Shops
6. Money earned over and above the amount spent to keep the business operating.
A
Investment
B
Loss
C
Profit
7. Business that spend more money than they earn.
A
Loss
B
Profit
C
Investment
8. Free Enterprise System
A
Importance of production
B
Individuals are producing goods and services
C
Freedom to produce goods and services
9. To cover cost companies must
A
Validate the price of production
B
Ensure their price is high enough
C
Check the competition prices
10. The Accounting System
A
Can be manual or computerized
B
Is always manual
C
Are computerized, manual or combined
11. Advantages of a Parnership
A
Easy to set up
B
Easy to start and owner has total control
C
Skills and talents are pooled
12. Example of Source Documents
A
Cash and Checks
B
Sales and exit slips
C
Receipts and checks