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Financial Literacy in Small Business Management Warm-Ups 5/6/25

Quiz by Nekeisha King-Price

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9 questions
Show answers
  • Q1
    What is the purpose of a cash flow statement in small business management?
    To determine market share
    To evaluate employee performance
    To measure profit margins
    To track the inflow and outflow of cash
    30s
  • Q2
    What is the term for the difference between a company's total assets and total liabilities?
    Equity
    Net Income
    Revenue
    Expenses
    30s
  • Q3
    Which financial statement provides a snapshot of a business's assets, liabilities, and equity at a specific point in time?
    Balance Sheet
    Statement of Retained Earnings
    Cash Flow Statement
    Income Statement
    30s
  • Q4
    What does it mean to have a positive net income in a small business?
    The business broke even
    The business earned more revenue than its expenses
    The business has high debts
    The business lost money
    30s
  • Q5
    What is the primary purpose of a budget for a small business?
    To increase sales volume
    To manage employee schedules
    To evaluate customer satisfaction
    To plan and control financial resources
    30s
  • Q6
    What is the concept of 'return on investment' (ROI) in small business management?
    ROI calculates total sales revenue
    ROI measures the profitability of an investment relative to its cost
    ROI equals total liabilities divided by equity
    ROI is the same as gross profit margin
    30s
  • Q7
    What is the function of an income statement in small business management?
    To record transactions chronologically
    To summarize revenues and expenses over a specific period
    To track cash flow in real-time
    To assess overall assets
    30s
  • Q8
    What is meant by 'liquidity' in the context of small business management?
    The ability of a business to meet its short-term financial obligations
    The amount of physical inventory on hand
    The long-term growth potential of a business
    The total profit a business generates
    30s
  • Q9
    What is a 'break-even point' for a small business?
    The point at which total revenue equals total costs
    The point where investments are fully recovered
    The minimum number of employees needed
    The level of sales that maximizes profit
    30s

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