An Entrepreneur

question 162

Multiple Choice

An entrepreneur

• A)always makes a profit
• B)starts with an idea, organizes the resources to bring the idea to life and assumes the risk of profit or loss
• C)always avoids risk
• D)is a parasite that benefits by not paying other resources for their services
• E)is the manager who runs an enterprise and keeps the customers happy

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Definitions:

Cost of Goods Sold

Expenses directly linked to manufacturing goods for sale, covering both the cost of materials used and the wages for labor.

Closing Process

The year-end procedure used in accounting to transfer balances from temporary accounts to permanent accounts, preparing the books for the next fiscal period.

Selling Expenses

Costs incurred directly and indirectly in making sales, including advertising, commissions, and salaries of sales staff.

Human Resource Management

The strategic approach to the effective management of people in a company or organization in a way that helps their business gain a competitive advantage.