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ACCT. 1 QUIZ-Chapter 2

Quiz by Teresa

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22 questions
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  • Q1
    Allow people to produce the goods and services that they choose
    Free Enterprise System
    30s
  • Q2
    Amount of money earned and above the amount spent to keep the business operating
    Profit
    30s
  • Q3
    Spend more money than earning
    Loss
    30s
  • Q4
    A person who transforms ideas for products or services into real-world businesses.
    Entrepreneur
    30s
  • Q5
    money that investors, banks, or business owners supply
    Capital
    30s
  • Q6
    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
    Service Business
    30s
  • Q7
    buys finished products and resells them to individuals or other businesses
    Merchandising Business
    30s
  • Q8
    buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses
    Manufacturing Business
    30s
  • Q9
    A business owned by one person
    Sole Proprietorship
    30s
  • Q10
    a business owned by two or more people known as Co-Workers
    Partnership
    30s
  • Q11
    a business recognized by law to have a life of its own and must get permission from the state to operate
    Corporation
    30s
  • Q12
    gives a corporation certain rights and privileges. It also spells out the rules under which the corporation is to operate
    Charter
    30s
  • Q13
    designed to collect, document, and report on financial transactions affecting the business
    Accounting System
    30s
  • Q14
    All accountants follow the same set of rules to prepare financial reports. The Financial Accounting Standards Board issues these rules.
    GAAP (Generally Accepted Accounting Principles)
    30s
  • Q15
    summarized information about the financial status of a business
    Financial Reports
    30s

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