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ESB v2 Domain 4, Questions and Answers 100% Solved
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Exam of 4 pages for the course esb at esb (ESB v2 Domain 4)
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ESB v2 Domain 4Balance Sheet - answer A document that compares assets to liabilities plus owner's
equity.
Income Statement - answer A financial statement that details a business's revenue
and expenses for a given period.
Break-Even Point - answer The point where a business's revenue matches its
expenses over a given period.
Profit Margin - answer The net profit the company wants to make from the sale and
is usually represented using a percentage.
Selling Price Formula - answer [(cost) * (desired profit margin)] + (cost)
Ben owns a shoe store. He has a new line of limited-edition running shoes that he will
be selling in his store soon. The cost of manufacturing the shoes was $18 per pair, and
he wants to make a 20% profit on each pair he sells. What is Ben's selling price? -
answer $21.60
Adam owns a restaurant. A new dish is being added to the restaurant's menu. The cost
of making the dish is $6.75, and he wants to make a 33% profit on each dish he sells.
What is Adam's selling price? - answer $8.98
Cory owns a home goods store. He is about to add a new line of candles to his store.
The cost of manufacturing the candles is $8.46 per candle, and he wants to make a
52% profit on each candle. What is Cory's selling price? - answer $12.94
Equity Formula - answer (assets) - (liabilities)
Asset - answer A tangible item a business owns.
Liability - answer The amount of money owed to an entity.
Mallory owns an auto repair shop. She has $12,000 in cash, $8,000 in inventory, a
$4,000 credit card balance, and $3,500 in long-term debt. What is Mallory's equity? -
answer $12,500
Ashley sells cars. She has $26,000 in cash, $34,000 in inventory, a $4,600 credit card
balance, and $7,900 in long-term debt. What is Ashley's equity? - answer $47,500
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