Choose the synonym, according to the chapter
gross earnings (Gross earnings are the total amount of money before deductions that an employee earns.)
a. pre-tax profits
b. gross profit
c. gross margin
d. gross revenue
e. gross wages
gross wages
A document that shows an employees pay and taxes for a certain period
a. pay stub
b. bill
c. payroll
d. receipt
e. invoice
pay stub
wage
Ex: The gross wage for the mechanic was $600, calculated as 40 hours multiplied by an hourly rate of $15
His paycheck goes straight into her boss’s checking account
His paycheck goes straight into his checking account
a. A _____ is a yearly amount of money paid to an employee
b. Regardless of whether an employee works more or fewer hours in a given month, the _____ remains the same
a. A salary is a yearly amount of money paid to an employee
b. Regardless of whether an employee works more or fewer hours in a given month, the salary remains the same.
most-likely scenario (The most-likely scenario is the situation that has the most chance of happening.)
a. unlikely scenario
b. worst-case scenario
c. best-case scenario
d. plausible scenario
e. tail-risk scenario
plausible scenario
A person who practices objectivity
a. partial
b. unbiased
c. radical
d. target
e. conservative
unbiased
sole proprietorships
Ex: A sole proprietorship is a business that is owned by just one person.
A partnership are a unincorporated business that are owned by a few people
A partnership is an unincorporated business that is owned by a few people
a. A _____ is a business that is legally recognized as a single unit
b. _____ are distinct legal entities whose assets and liabilities are separated from their owners
a. A corporation is a business that is legally recognized as a single unit
b. Corporations are distinct legal entities whose assets and liabilities are separated from their owners
up to date (If something is up to date, it means that it includes all available information as of today)
a. outdated
b. obsolete
c. updated
d. post-adjusted
e. unadjusted
updated
A person who oversees all of an organization's financial activities
a. advisor
b. recruiter
c. controller
d. CMO
e. bookkeeper
controller
internal financial reports
Ex: The management team examines detailed internal financial reports every month to assess divisional profitability and control operating costs
The compani require an background check for every old employee before their first day
The company requires a background check for every new employee before their first day
a. A _____ is an executive who is the highest authority over an organization's financial activities.
b. Our _____ presented the quarterly income statement and balance sheet to the board of directors
a. A chief financial officer (CFO) is an executive who is the highest authority over an organization's financial activities.
b. Our chief financial officer (CFO) presented the quarterly income statement and balance sheet to the board of directors
unproductive (If something is unproductive it is not growing or having any positive change)
a. fruitless
b. futile
c. worthless
d. ineffective
e. uneconomic
fruitless
futile
worthless
ineffective
uneconomic
To purchase a business at a time when it is about to go out of business
a. vend
b. invest
c. shop
d. buy out
e. get
buy out
safety reserve
Ex: The board of directors voted to allocate $500,000 of this year's net profits into a safety reserve to protect against potential supply chain disruptions
Sell your receipt to return the item
Keep your receipt to return the item
a. _____ is the degree of ease with which an asset can be converted to cash
b. The company maintains a strong _____ position, ensuring it can easily cover upcoming payroll and supplier invoices
a. Liquidity is the degree of ease with which an asset can be converted to cash
b. The company maintains a strong liquidity position, ensuring it can easily cover upcoming payroll and supplier invoices
trademark (A trademark is a legally protected symbol)
a. emblem
b. asset
c. royalty
d. copyright
e. patent
emblem
The value that a company derives from its reputation and popularity
a. patent
b. reserves
c. copyright
d. badwill
e. goodwill
goodwill
trade secrets
Ex: A trade secret is crucial knowledge like a recipe or manufacturing technique
Investors worri when patent rights are clear
Investors worry when patent rights are unclear
a. A _____ is a legal protection of written material
b. The licensing department reported that the _____ generated $25,000 in passive royalty income during the first quarter
a. A copyright is a legal protection of written material b. The licensing department reported that the copyrights generated $25,000 in passive royalty income during the first quarter