Business and Commerce Fundamentals Flashcards
6 cards from real ICET practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Business and Commerce Fundamentals flashcards as text
What does GDP stand for in economics?
Answer: Gross Domestic Product
GDP stands for Gross Domestic Product, the total monetary value of goods and services produced within a country.
Which type of market structure has only one seller controlling the entire market?
Answer: Monopoly
A monopoly exists when a single seller controls the market with no close substitutes available.
What is the break-even point in business?
Answer: When revenue equals total costs
The break-even point is where total revenue equals total costs, resulting in zero profit or loss.
What is working capital?
Answer: Current assets minus current liabilities
Working capital = Current assets − Current liabilities, measuring short-term operational liquidity.
Which financial statement shows a company's financial position at a specific point in time?
Answer: Balance sheet
The balance sheet shows assets, liabilities, and equity at a specific date, providing a snapshot of financial position.
What is the formula for Return on Investment (ROI)?
Answer: Net profit / Cost of investment × 100
ROI = (Net profit / Cost of investment) × 100, measuring the efficiency of an investment.
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