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Q 1/22
Score 0
Allow people to produce the goods and services that they choose
30
Free Enterprise System
Q 2/22
Score 0
Amount of money earned and above the amount spent to keep the business operating
30
Profit
22 questions
Q.
Allow people to produce the goods and services that they choose
1
30 sec
Q.
Amount of money earned and above the amount spent to keep the business operating
2
30 sec
Q.
Spend more money than earning
3
30 sec
Q.
A person who transforms ideas for products or services into real-world businesses.
4
30 sec
Q.
money that investors, banks, or business owners supply
5
30 sec
Q.
needed service for a fee. Service businesses include travel agencies, salons like fantastic Sam's, repair shops, real estate offices like Century 21, and medical Centers
6
30 sec
Q.
buys finished products and resells them to individuals or other businesses
7
30 sec
Q.
buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses
8
30 sec
Q.
A business owned by one person
9
30 sec
Q.
a business owned by two or more people known as Co-Workers
10
30 sec
Q.
a business recognized by law to have a life of its own and must get permission from the state to operate
11
30 sec
Q.
gives a corporation certain rights and privileges. It also spells out the rules under which the corporation is to operate
12
30 sec
Q.
designed to collect, document, and report on financial transactions affecting the business
13
30 sec
Q.
All accountants follow the same set of rules to prepare financial reports. The Financial Accounting Standards Board issues these rules.
14
30 sec
Q.
summarized information about the financial status of a business
15
30 sec
Q.
focuses on reporting information to external users
16
30 sec
Q.
which focuses on reporting information to management, is often referred to as accounting for internal users of accounting information. ( Provide information people within the business in order to make the business run more better)
17
30 sec
Q.
exists independently of its owner's personal holdings (Business is separate from the individual(Owner).
18
30 sec
Q.
A period of time covered by an accounting report (
19
30 sec
Q.
Accountants assume that a business has the ability to survive and operate indefinitely. In other words a business is expected to continue. (We assume the business is going to continue or think otherwise)
20
30 sec
Q.
The accounting information is processed by hand
21
30 sec
Q.
the financial information is recorded by entering it into a computer
