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Take 1-2 minutes and answer these 10 true or false questions to get a feel for how well you know the basics of running a small business.


1 A Net Income Statement, a P&L; and a Profit and Loss Statement are the same thing.
2 Sales and Net Revenues are the same thing.
3 Accounts Receivables measures the locked up cash from customers who need to pay you.
4 Booked Net Revenues and Cash In is the same thing.
5 Your business can show a profit and still be going bankrupt.
6 Breakeven volume is the amount of products or services you need to sell to cover all the company’s expenses.
7 If you provide a service, not a product, you don’t have to worry about cost of sales because you’re not selling “stuff”.
8 Your Balance Sheet is the Net Worth Statement of your business.
9 If the Current Liabilities for your small business are greater than the Current Assets, your company will go bankrupt, it’s just a matter of time.
10 If your business is in a cash crunch, sell more and you’ll solve the cash flow problem.
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