In business, what is 'revenue'?
AnswerMoney brought in from sales before costs are taken off
Revenue is total income from sales; profit is what remains after costs.
Business · Facts & stats
Business facts & stats
7 fact-checked facts about business operations, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
In business, what is 'inventory'?
AnswerGoods and materials a business holds to sell or use
Inventory includes raw materials, work in progress and finished goods.
Going deeper
What are the classic '4 Ps' of marketing?
AnswerProduct, price, place and promotion
The 4 Ps form the traditional marketing mix.
The Pareto principle is often summed up by which ratio?
Answer80/20
It suggests roughly 80% of effects often come from 20% of causes, named after economist Vilfredo Pareto.
What does 'economies of scale' mean?
AnswerCost per unit falls as production grows
Spreading fixed costs over more units and buying in bulk lowers the average cost of each item.
Expert level
On a balance sheet, assets equal liabilities plus what?
AnswerEquity
The accounting equation is assets = liabilities + owners' equity.
In 1913, Henry Ford's company introduced what to car making?
AnswerThe moving assembly line
The moving line cut the time to assemble a Model T chassis from over 12 hours to about 1.5 hours.
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