What is a business that operates to earn money for its owners.
100
Sole proprietorship
What is a business owned by one person.
100
Free enterprise system
What is when people are free to produce the goods and services they choose.
100
50% of $180
What is $90.
100
CPA
What is certified public accountant.
200
Not-for-profit business
What is an orginization that operates for purposes other than making a profit.
200
Partnership
What is a business owned by two or more people.
200
Financial reports
What is summarized information about the financial status.
200
30% of 200
What is 60.
200
GAAP
What is generally accepted accounting principles.
300
Manufactoring business
What is a business that buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals.
300
Corperation
What is a business recognized by law to have a life of its own.
300
Audit
What is the review of a company’s accounting systems and financial statements to confirm that they follow generally accepted accounting principles.
300
Revenue of $1000 and withdrawls of $150
What is $850.
300
FASB
What is Financial accounting standards board.
400
Service business
What is a business that provides a needed service for a fee.
400
Easiest to form
What is a sole propritorship.
400
Network making
What are contacts with people to share information and advice.
400
30% tax on $600
What is $180.
400
CMA
What is a certified management accountant.
500
Merchandising business
What is a business that buys finished products and resells them to individuals and other businesses.
500
Requires a charter
What is a corporation.
500
Accounting period
What is a period of time covered by an accounting report.