This term on the balance sheet is used for items that a company or business owns.
What is an asset
100
Revenues, Owner's Equity, Net Income, Expenses. What does not appear on the Income Statement?
What is Owner's Equity.
100
This ratio indicates the portion of business sales that are kept as profit. Calculated by dividing net profit by total revenue.
What is Rate of Return on Net Sales.
100
This type of business sells something intangible.
What is a Service Business.
100
Employees who handle or have access to cash are responsible for it and must explain any losses or discrepancies.
What is Accountability.
200
A general term for a type of debt that is paid off very quickly, typically within a year.
What is a Current Liability.
200
This figure is calculated by subtracting Cost of Goods Sold from Total Revenue of a company.
What is Gross Profit.
200
This ratio is calculated by the following formula: (Gross Profit/ Total Revenue) x 100%
What is Gross Profit Percentage.
200
Wal-Mart is an example of this type of business.
What is a Merchandising Business.
200
All businesses operating in Canada are required to pay this fee to the government based on the amount of business income that they earn.
What is Tax or Taxation.
300
The formula for the Accounting Equation?
What is Assets = Liabilities + Owner's Equity
300
Rent, Delivery, Short-term Investment, Salaries. Which is not an Expense?
What is a Short-term Investment.
300
The formula for Current Ratio.
What is (Current Assets/ Current Liabilities)
300
Raw materials are used in this type of business.
What is a Manufacturing Business.
300
Reports that summarize the financial performance of a business.
What are Financial Statements.
400
Truck, Accounts Receivable, Furniture. Which is not considered a long-term asset?
What is Accounts Receivable (also known as A/R).
400
Revenues are $500, Expenses are $150. Calculate the Net Income.
What is $350 ($500-$150).
400
Working Capital = Current Assets - Current Liabilities
If Current Assets is $200 and Current Liabilities is $155, what is the working capital?
What is $45 ($200-$155).
400
Rachel's Candy Factory produces candy from sugar cane that it harvests in its fields, and then flavours them using artificial extracts. It then sells candy at its stores. What type of business is it?
What is a Manufacturing Business.
400
The process of recording, analyzing and interpreting the economic activities of a business.
What is Accounting.
500
Accounts Payable, Interest Payable, Bank Loan. Which is a long-term liability?
What is a Bank Loan.
500
Revenue is $500, Cost of Goods Sold is $300, Expenses are $250. Calculate the Gross Profit.
What is $200 ($500-$300).
500
Calculate the Rate of Return on Equity given Net Income is $500 and Owner's Equity is $2,500.
What is 20% (($500/$2,500) x 100%).
500
Hair Salon, Private Tutors, Car Dealership, Lawyers. Which is NOT a service business?
What is a Car Dealership.
500
When Loden purchases a new pair of running shoes from the Nike store, what is this an example of?