In this system people are free to choose what they buy, what they produce and sell, and where they work.
What is the Free Enterprise System.
100
What is an individual called who follows his or her dreams by assuming the risk of starting a new business?
What is an Entrepreneur.
100
The summary and results of financial transactions affecting a business and reports its current financial position.
What is a Financial Report.
100
List of employees and the payments due to each employee for a specific period of time.
What is a Payroll.
100
System that keeps a constant up to date records of merchandise on hand.
What is a Perpetual Inventory System.
200
A written outline of a new business venture that describes all aspects of the business.
What is a Business Plan.
200
Money that can be made available for future expansion of your business?
What is a Reserve Fund.
200
The amount of money owed or payable to the creditors of a business.
What is Accounts Payable.
200
Total amount of money an employee earns in a pay period.
What is Gross Earnings.
200
Terminals that are linked to a centralized computer system that keeps track of sales.
What is Point of Sale Terminals.
300
This is a systematic process of recording and reporting the financial position of a business.
What is Accounting.
300
An arrangement in which bank customers can borrow a certain amount of money from the bank immediately.
What is a line of credit.
300
The records of all of the transactions of a business.
What is a Journal.
300
Amount of money paid to an employee based on a percentage of the employees sales.
What is a Commission.
300
A method that assigns costs of the first items purchased as well as the first items sold.
What is the FIFO method.
400
A formal, written statement of expected income and expenses for a future period of time.
What is a Budget.
400
What are the five C's of credit?
What is character, capacity, capital, collateral, and credit history.
400
Reports that summarize the changes that result from your business transactions during an accounting period.
What is Financial Statements.
400
Social security taxes that are deducted by the federal government straight from your paycheck.
What is the FICA.
400
Analysis of the number of times you sell your inventory in a given time period.
What is Inventory Turnover.
500
Five essential functions to take into consideration with this financial job include budgeting, inventory, payroll, cash flow, and investments. What is this financial job?
What is an accountant.
500
An independent agency of the federal government that offers assistance to people who are starting small businesses and to those who want to expand existing businesses.
What is the Small Business Administration.
500
Amount of revenue that remains after expenses for the accounting period are subtracted from the gross profit on sales.
What is Net Income.
500
Amount payed to all employees before any deductions are taken out.
What is known as the Total Gross Earnings.
500
Exact costs of each individual item is determined and assigned to that item.