Scott's Camera Shop Started the Year with Total Assets of $80,000

question 13

Multiple Choice

Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no additional capital contributions during the year, but did make withdrawals of $60,000. Calculate Scott's net income for the year.

• A)$50,000
• B)$120,000
• C)$70,000
• D)$80,000

Recognize the traits and mindset of successful entrepreneurs, including internal locus of control.

Identify different types of entrepreneurs and entrepreneurial ventures.

Debunk myths about entrepreneurship, such as the necessity of wealth for success.

Understand the importance of risk-taking and innovation in entrepreneurship.

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Definitions:

Market Performance

A measure of how well a company's stock and financial products perform in the market, influencing its value and reputation.

Charismatic Leadership

A leadership style characterized by the leader's ability to inspire enthusiasm, passion, and strong levels of devotion in followers.

Metaphor

A figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable, often used to help explain complex or abstract concepts.

Transformational Leader

An individual who inspires and motivates followers to achieve extraordinary outcomes by transforming their attitudes, beliefs, and values.