Which of the following is a true statement? Select one: a. Fixed costs are expenses that stay the same no matter how many products you sell. b. Variable costs are expenses that fluctuate up and down with sales of your products. c. A break-even analysis is a good way to help you determine your fixed cost per product. d. All of the above are true statements. When running your new business, most of the financial problems you will face will be: Select one: a. Due to revenue and cash-on-hand availability when the bills come due. b. Caused by initially pricing your products/services improperly. c. Making mistakes in your initial business plan. d. Related to a lack of management experience. The three basic financial statements every businessman/woman should pay special attention to are: Select one: a. The income statement, the statement of earnings, the balance sheet b. The income statement, the balance sheet, the statement of cash flows c. The balance sheet, the income statement, the statement of changes in equity d. The balance sheet, the statement of cash flows, the statement of changes in equity We learned from this week's readings that small businesses fail within the first 2 years. Select one: a. The majority of b. Approximately 10% c. 2030% d. Nearly 50% The income statement records all revenues for a business during a given period as well as: Select one: a. The accounts receivables incurred during that period. b. The losses incurred during that period. c. The operating expenses for the business for that period. d. All of the above. It's important for small business owners to realize that pricing decisions affect: Select one: a. Costs b. Equity c. Revenues d. Funding is the monetary value associated with a good or service. Select one: a. Worth b. Cost c. Price d. Valuation To calculate the price of a product including its profit margin, determine your desired profit margin percentage and: Select one: a. Reduce it to a decimal, and multiply it by the variable + fixed costs of the product. b. Reduce it to a decimal, and multiply it by the variable cost of the product, then add in the fixed cost. c. Reduce it to a decimal, subtract it from 1.0, and divide the result into the variable cost of the product, then add in the fixed cost. d. Reduce it to a decimal, subtract it from 1.0, and divide the result into the fixed cost of the product. According to an outside video we watched: Select one: a. Entrepreneurs are generally savvy about setting appropriate prices. b. Entrepreneurs generally underprice their products. c. Entrepreneurs generally overprice their products. d. None of the above. True or false: Bootstrapping funding involves borrowing small amounts from family, friends, investors (if possible), as well as using one's own savings Select one: a. True b. False