The money that is left over after all expenses are paid is referred to as net income.
it is the end of December, and Juan, the owner of a small sporting goods business, is paying the last few expenses for the year. Once all the expenses are paid, the money that is left over will be Juan’s profit and is also referred to as:
Responses:
net income.
variable income.
retention income.
division income.
11 answers
When a business’s expenses change based on external factors, this means that these factors are _____ the business’s control.
Responses:
intrinsic of
outside
within
inside
Responses:
intrinsic of
outside
within
inside
When a business’s expenses change based on external factors, this means that these factors are outside the business’s control.
Keisha has been working as an hourly employee at a large marketing firm for several years. She is an excellent employee and hopes to one day move from an hourly wage to a salary. If Keisha does move from hourly to salary, how will she most likely be paid?
Responses:
with a monthly amount paid bi-yearly in two large lump sums
with a weekly amount based on the days that she works
with a daily amount based on the hours that she works
with an annual amount paid in monthly or bi-weekly payments
Responses:
with a monthly amount paid bi-yearly in two large lump sums
with a weekly amount based on the days that she works
with a daily amount based on the hours that she works
with an annual amount paid in monthly or bi-weekly payments
If Keisha moves from an hourly wage to a salary, she will most likely be paid with an annual amount paid in monthly or bi-weekly payments.
We refer to the costs required to generate revenue as what?
Responses:
salary
retention
expenses
net income
Responses:
salary
retention
expenses
net income
We refer to the costs required to generate revenue as expenses.
Jeannie owns a small business that sells candles and other little household knick-knacks. For several years her boyfriend, who was also an accountant, handled her budget. However, since they broke up, Jeannie must now handle the budget on her own. What is the best way for Jeannie to create a realistic budget?
Responses:
look at the past three months of expenses
look at the previous year’s budget
copy and paste the budget from three years ago
fabricate the budget to reflect what she wants it to be
Responses:
look at the past three months of expenses
look at the previous year’s budget
copy and paste the budget from three years ago
fabricate the budget to reflect what she wants it to be
The best way for Jeannie to create a realistic budget is to look at the past three months of expenses. This will give her a more current and accurate picture of her spending habits and help her make informed decisions for her budget.
Pablo runs a small car washing business in his neighborhood on the weekends. This past weekend, Pablo earned $284. Prior to opening his car wash, he needed to stock up on soap, sponges, and towels which cost him $46. He also had his son help him with the car washing and paid him $25 for his help. What was Pablo’s net income for this past weekend?
Responses:
$284
$213
$259
$238
Responses:
$284
$213
$259
$238
To calculate Pablo's net income, we need to subtract his expenses from his earnings.
- Total earnings: $284
- Total expenses: $46 (supplies) + $25 (payment to his son) = $71
Now, subtract the total expenses from total earnings:
Net income = Total earnings - Total expenses
Net income = $284 - $71 = $213
So, Pablo's net income for this past weekend was $213.
1 answer