Questions and Answers
Which of the following is a variable expense? (Select all that apply)
Which of the following is an example of a tax?
Which of the following is an advantage of starting your own business?
What is income?
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Which of the following is not true about an entrepreneur?
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What are taxes?
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Which of the following is an example of a need?
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Which of the following is not a fixed expense?
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What is the difference between a personal characteristic and a skill?
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When is a budget balanced?
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Are indirect competitors important to know about?
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Which of the following is a tax you must pay?
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Which of the following is NOT necessarily a characteristic of a successful entrepreneur?
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Which of the following is a fixed expense for Maria's sandwich food truck?
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Which of the following is a fixed expense?
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Which of the following is NOT a true statement about a business plan?
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Define entrepreneur.
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Which of these is NOT considered a skill?
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What is NOT part of a consumer profile?
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Which of the following is a startup expense for Maria's food truck?
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Which of the following is not a fixed expense?
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Study Notes
Variable Expenses
- Groceries are classified as variable expenses, which fluctuate based on consumption.
Taxes
- Medicare is an example of a tax, mandatory for certain healthcare benefits.
Business Ownership Advantages
- Starting your own business allows for control over work schedule and location.
Income Definition
- Income refers to money earned from employment.
Entrepreneur Characteristics
- An entrepreneur's salary is based on business performance rather than completing assigned tasks.
Tax Obligations
- Taxes are required payments to state and local governments.
Needs vs. Wants
- A warm winter coat exemplifies a need, prioritizing essential items over non-essential luxuries like headphones or candy.
Fixed Expenses
- Movie tickets are not considered fixed expenses, unlike rental payments, internet service, and cell phone bills.
Skills vs. Characteristics
- Skills can be developed and learned, whereas personal characteristics are inherent traits.
Budgeting
- A budget is considered balanced when expenses do not exceed income.
Indirect Competition
- Understanding indirect competitors is crucial as they meet similar customer needs with different products.
Required Taxes
- Social Security is a mandatory tax that individuals are obligated to pay.
Entrepreneur Traits
- Not all successful entrepreneurs exhibit traits like aggressiveness and intensity.
Fixed Expenses for Businesses
- A food truck's fixed expenses include salaries for employees and truck insurance.
Business Plan Misconceptions
- A business plan should be adaptable and revised, not static.
Definition of an Entrepreneur
- An entrepreneur is defined as someone who starts, owns, and manages a business.
Misconceptions about Skills
- Determination is not classified as a skill unlike people skills and communication skills.
Consumer Profile Elements
- Polygraphs do not belong to the components of a consumer profile, which typically includes demographics, psychographics, and buying patterns.
Start-up Expenses
- Kitchen appliances and necessary equipment signify start-up expenses for a food truck business.
Studying That Suits You
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Description
Test your knowledge with these flashcards from Chapter 5 of Business studies. Each card focuses on key concepts related to variable expenses, taxes, and the advantages of entrepreneurship. This resource will help you reinforce your understanding of essential business principles.
