Chapter 1
The way you use your time, energy, and resources.
What is lifestyle.
When a business spends more money than they earn, they operate at a
What is loss.
Property or items of value owned by a business.
What are assets.
The left side of a T account.
What is debit.
Revenue, Expense, and Withdrawals accounts are known as this.
What is temporary capital accounts.
A way to find out about particular careers by speaking with other people.
What is networking.
The amount of money earned over and above the amount spent.
What is Profit.
The total amount of money owed to a business.
What are accounts receivable.
Asset accounts begin with this number.
What is the number 1.
Advertising is known as what kind of account.
What is expense.
This person handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports.
What is an accountant.
A business owned by one person.
What is a sole proprietorship.
Owner's claims to the assets of a business.
What is Owner's Equity.
If an owners invests money in a business, which accounts are affected?
What are cash in bank and owner's equity.
What is the normal balance side for withdrawals.
What is debit.
This business operates for a profit.
What is a for profit business.
A person who starts their own business.
What is an entrepreneur.
The amount of money owed by a business.
What are accounts payable.
The right side of a T account.
What is credit.
If an owner withdraws money from a business, these 2 accounts are affected.
What is cash in bank and withdrawals.
This business operates for the greater good of people or the environment.
What is a not-for-profit business.
A period of time covered by an accounting report.
What is an accounting period.
Creditors claims to the assets of the business.
What are liabilities.
The normal balance side of Owner's Equity.
What is the credit side.
Assets, liabilities, and owner's equity accounts are known as this.
What are permanent accounts.