General Business
These outside experts help assemble leases, contracts, partnership agreements and other official documents.
What are attorneys?
BONUS POINTS:
What role does an external insurance agent or agency play in owning a business?
The role of Accounting in business.
What is to track financial events and transactions to ensure the business is financially sound?
One describes income generated through business operations, while the other describes net income after deducting expenses from earning.
What is the difference between revenue and profit?
BONUS:
If a company wanted to predict the revenues, costs and expenses they could incur over the next 6-months to a year, they would develop a ___________.
An organization formed by workers to join together and use their collective strength to have a voice in their workplace.
What is a Union?
The five key management functions of business.
What are:
- Planning your business
- Financing your business
- Marketing your business
- Managing your employees
- Keeping accurate records of your business
The three documents that comprise a business's financial statement
What are the:
- Balance Sheet
- Income Statement
- Statement of Cash Flows
The position measures and reports costs of production, oversees units to ensure they're staying on budget, and designs strategies to minimize taxes and improve a company's finances.
What are Managerial Accountants or Financial Managers?
(Accountants generate the financial information and analysis.)
BONUS:
Chief Financial Officers are responsible for what?
These are the three main types of competitive pricing.
What are:
- Cost-Based Pricing
- Demand-Based Pricing
- Competition-Based Pricing
This is what you get when you add up the value of everything a business owns, including all equipment and inventory, incorporate current income streams, and subtract any debts or liabilities.
What is a business's fair purchase price?
Equal to what you owe plus what you own.
What are assets?
BONUS:
Describe tangible and intangible assets
The key needs for operational funds in business.
What are:
- Managing day-to-day needs
- Controlling credit operations
- Acquiring needed inventory
- Making capital expenditures
The net cash and cash equivalents transferred in and out of a company.
HINT: When a company's expenses exceed their receipts, they often have a problem with this.
What is Cash Flow?
The most important document a small business owner will ever create.
What is a business plan?
BONUS POINTS:
There are nine sections to a business plan, 100 points for each section you identify correctly.
This includes the listing of assets, liabilities and owners' equity.
What is a Balance Sheet?
The first time a company offers to sell stock to the public is called __________.
What is a Initial Public Offering?
BONUS:
___________ is the problem of having insufficient start-up funds.
Calculated by taking a business's assets minus their liabilities.
What is Owners' Equity?
(Also referred to as Stockholder's Equity)
BONUS:
What are liabilities?
These are some of the reasons why half of new businesses don't last five years.
What is:
- Managerial incompetence
- Inadequate financial planning
- Choosing the wrong type of business
- Poor record keeping
- Underestimating the commitment
A __________ is usually prepared as the first step in creating the balance sheet for a company. It summaries the debit and credit totals of general ledger accounts to ensure they match.
What is a Trial Balance sheet?
Terms such as 2/10, net 30 are used when implementing this type of short-term financing.
What is Trade Credit?
BONUS:
What is the difference between Trade Credit and a Line of Credit?
A financial statement that shows a company's income and expenditures.
What is and Income Statement?
BONUS:
What is the method of recording transactions as a debit or credit twice?