FBLA Cheat Sheet 2026

The 30 highest-yield FBLA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is 'gross profit' in accounting? → Revenue minus cost of goods sold
2. In a spreadsheet application, which formula would correctly calculate the sum of values in cells A1 through A10? → =SUM(A1:A10)
3. What is a 'loyalty program' designed to accomplish? → Reward repeat customers to encourage continued business
4. Which inventory costing method results in the highest net income during a period of rising prices? → FIFO
5. What does 'MBO' (Management by Objectives) emphasize? → Setting specific, measurable goals agreed upon by managers and employees
6. Who established FBLA? → Hamden L. Forkner
7. Which economic term describes a period of significant decline in economic activity lasting more than two quarters? → Recession
8. The year and month are recorded in an all-purpose diary. → on each journal page
9. Which financial statement shows a company's revenues and expenses over a specific period? → Income statement
10. What does the acronym 'ROI' stand for in a business context? → Return on Investment
11. What does 'accounts receivable' represent on a company's balance sheet? → Money owed TO the company by customers
12. What is the primary function of the Federal Reserve in the United States? → Manage the nation's monetary policy
13. What is 'guerrilla marketing'? → Unconventional, low-cost marketing tactics designed to create a big impact
14. What is 'organizational culture'? → The shared values, beliefs, and behaviors that define how a company operates
15. A company's current ratio is calculated by dividing: → Current Assets by Current Liabilities
16. Which storage technology offers the fastest data access speeds? → Solid State Drive (SSD)
17. Which leadership style involves making decisions without consulting team members? → Autocratic
18. What is a 'focus group' used for in marketing research? → To gather qualitative feedback from a small group of representative consumers
19. Which leadership style involves making decisions without consulting team members? → Autocratic
20. What is 'venture capital'? → Funding provided by investors to startups in exchange for equity
21. What is 'Total Quality Management' (TQM)? → A company-wide approach to continuously improving quality in all processes and products
22. What is 'working capital' in business finance? → Current assets minus current liabilities
23. What does 'ROI' stand for and why is it important in marketing? → Return on Investment; measures the profitability of marketing spending
24. Which network topology connects all devices to a single central hub or switch? → Star topology
25. Which proofreading technique involves reading a document backward to catch spelling errors? → Backward reading
26. Which ethical framework judges the morality of an action based solely on its outcomes? → Utilitarianism
27. What is the primary function of an operating system? → To manage hardware resources and provide a platform for applications to run
28. Which accounting principle requires that expenses be recorded in the same period as the revenues they helped generate? → Matching Principle
29. What does GDP stand for and what does it measure? → Gross Domestic Product; total value of goods and services produced in a country
30. What is 'entrepreneurship' most accurately defined as? → The process of creating a new business venture and assuming its risks