Accounting
Complete the equation. Assests = _______+ Equity
Liabilities
Profit
A concise professional document used to market your s_________, e________, and e_________, to potential employers.
Skills, Experience & Education
A corporation is a formal, complex legal structure that is treated as a separate "person" in the eyes of the law. The owners are ________ in the amount of liability.
Limited
When the price of an item goes UP, people want to buy LESS is an example of _______________.
Law of Demand
Accounting is the process of recording ________ transactions pertaining to business.
financial
The income statement records all ________ for a business during a given period of time.
Revenues
Skills that are teachable abilities that you can measure, ex - typing speed, speaking a second language, or using specialized software.
Hard Skills
What con does a corporation have that an LLC doesn't?
Double Taxation
The Law of Supply - when price goes up, supply goes _____.
Up
Name 3 different types of accountants.
Public, private & Not-for-Profit
Income - Expenses = __________
Net Income
Name atleast 3 key Soft Skills employers are looking for.
Communication, Adaptability, Problem Solving, Time Management & Team Player
What are the 4 factors of Production?
Land, Labor, Capital & Entrepreneurship
What are the 4 Economic Systems?
Traditional, Market, Command & Mixed
Cash, Office Supplies, Property & Equipment are examples of what?
Assests
Advertising, Payroll, Insurance Costs, Supplies are all example of _________.
Expenses
What can you put on a resume if you've never had a paid job? Name atleast 3.
Volunteer Work
Babysitting/Lawn-mowing
School Clubs, Sports Activities
Elective Classes (Business, Construction, Fashion, etc).
Academic Achievements
Which type of business is best for small businesses? Why?
LLC (Limited Liability Company) - You are limited in the amount of liability, avoids double taxes, and is simpler, cheaper and more flexible.
A country where the government owns ALL farms, factories and hospitals. All jobs and wages are set by the government is an example of what type of market?
Command
$18,000 = $3000 + _______
$15,000
Which is better, Net Profit or Gross Profit? Explain why.
Net Profit, since it is the amount calculated after Expenses are taken out. It is the true amount the business made.
Why does your resume need to be 1 page and perfect, no typos or errors?
Employers will look at sometimes hundreds of resumes very quickly, so it needs to be short, clean, and easy to read at a glance. Errors show, lack of work ethic and that you do not take the job seriously.
Which is better Limited or Unlimited Liability? Why?
Limited Liability - has a strong legal wall between the owner and the business. If the business is sued, lawyers can only take the business's items, they cannot touch your personal items.
The US is an example of what type of market? Explain why.
Mixed - Private businesses, Supply & Demand dictate the market, and we have government regulation.