Vocab
Define Expense.
The cost of products or services used to operate a business.
What are the three parts of the Accounting Equation?
Assets, Liabilities, and Owner's Equity
15,450+3,825=?
19,275
What side of the T Chart does Credit go on?
The Right.
What are the colors of the Super Mushroom from Mario? (Hint: It's the basic mushroom)
Red and White
Define a Normal Account.
The account in an equation which sees the amount increase.
A business transaction that involves a purchase on account is considered to be a(n) _____
Credit Transaction
25,000 - 3,000 - 350 + 200 +1,200 - 700 - 500
21,850
What would Cash in Bank be labelled as?
Asset
What is the most common disease to die to on the Oregon Trail?
Dysentery.
The money a business earns is the ___
Revenue
Which of these is a good source for finding more information about making a good career choice.
a. The library b. The Internet
c.Professional organizations d. All of the above
D
3,000 + 9,000 + ? = 2,000 + 16,000
Find the ?
? = 6,000
True or False:
Accounts Payable is labelled as a Debit Account.
False.
What shoe brand is commonly known as "The Dad Shoe"?
New Balance.
What type of business purchases raw materials and transforms them into purchasable goods sold to different businesses.
Manufacturing Business
Describe what an accountant is, and what they do.
An accountant handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports.
What is the Accounting Equation?
Assets = Liabilities + Owner's Equity
That type of business organization is Walmart?
Corporation
How many states were obtained in the Louisiana Purchase?
15 States.
Define Networking
Making contacts to share information and advice.
What are the forms of business organizations, and how do each of them work?
Sole Proprietorship: A business owned by one person.
Partnership: A business owned by two or three people, who all share the same responsibilities.
Corporation: A business run by a large group of people.
If a business owns a piece of real estate worth $250,000, and they owe $180,000 on a loan for that real estate, what is Owner's Equity in the property?
$70,000
Name three steps of the Accounting Cycle.
Identify Transactions, Record Transactions in a Journal, Posting, Unadjusted Trial Balance, Worksheet, Adjust Journal Entries, Financial Statement, Closing the Books
What are the only 4 characters that have been playable in every Mario Party game?
Mario, Luigi, DK, Wario, Peach, Waluigi, Daisy, Toad, Yoshi, Bowser
Mario, Luigi, Peach, Yoshi