Business Concepts
Types of Business
Department Functions
Miscellaneous
Ratio Measurement
100
What is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable?
What is Business Entity
100
What type of business ensure that products appear in the right store, or on a website, at the appropriate time and in the correct quantities. This involves working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance?
What is a Merchandiser
100
The part of an organization that manages its money. The business functions of this department typically include planning, organizing, auditing, accounting for and controlling its company's finances. This department also usually produces the company's financial statements.
What is Finance function
100
a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.
What is GAAP (Generally Accepted Accounting Principles)
100
A liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets.
What is Current Ratio
200
This is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
What is Going Concern
200
A person or company that makes goods for sale. They supply the goods to the store
What is a Manufacturer
200
a critical component of employee well-being in any business, no matter how small. This department's responsibilities include payroll, benefits, hiring, firing, and keeping up to date with state and federal tax laws.
What is Human Resource Function
200
On a bank reconciliation, this item can affect the Bank's cash balance
What is deposit in transit or bank error
200
A profitability ratio that compares the gross margin of a business to the net sales. This ratio measures how profitable a company sells its inventory or merchandise.
What is Gross Margin Ratio
300
What is an assumption that states that in the long run, the dollar is stable—it does not lose its purchasing power?
What is Monetary Unit
300
What is a general term that describes work that supports a business but does not produce a tangible commodity
What is A Service Business
300
This department includes advertising, selling and delivering products to people.
What is Marketing Function
300
What items can affect the Business checking account balance on a bank reconciliation?
What is an outstanding check
300
the most common profitability ratio. There are several ways to determine this ratio, but the most frequently used method is to divide net profit by total assets.
What is Return on Investment
400
What is the word that stands for the indefinite life of an enterprise is subdivided into time periods (accounting periods) which are usually of equal length for the purpose of preparing financial reports on financial position, performance and cash flows.
What is Periodicity
400
This strategy creates a certain environment and inward focus
What is Efficiency Strategy
400
The functional area responsible for turning inputs into finished outputs through a series of production processes
What is Production Function
400
Most manufacturers try to eliminate all unnecessary production costs and wasted time. This makes their production lines leaner and also makes customers happier. Companies can provide better products at a cheaper price if they run production operations smoothly and efficiently
What is value added time
400
The amount of net income returned as a percentage of shareholders equity. This ratio measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.
What is Return on Owner's Equity
500
What is a general term that describes work that supports a business but does not produce a tangible commodity
What is Service Business
500
the availability of liquid assets to a market or company
What is Liquidity
500
This department's function links between an organization's various departments and ensures the smooth flow of information from one part to the other.
What is an Administration Function
500
A _____ is what is left of the revenue a business generates after it pays all expenses directly related to the generation of the revenue, such as producing a product, and other expenses related to the conduct of the business activities.
What is Profitability
500
A financial ratio used to gauge a company's liquidity. The ratio is also known as the acid test ratio. The ratio compares the total amount of cash + marketable securities + accounts receivable to the amount of current liabilities.
What is Quick Ratio
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