What type of scorecard keeps track of assets, liabilites and owners equity?
A Balance Sheet
100
Cash is on the left side of the balance sheet
false
100
How many gallons of water do we use?
2
100
Who does the $10 notes payable belong to?
Mom and Dad
200
What is on the right side of a balance sheet?
What is Liabilities and Owner's Equity
200
What is the name of sales - COGS?
Gross Profit
200
A balance sheet ALWAYS has to be balanced.
true
200
How much does glass rental cost?
$2
200
What is the accounting equation?
Assets= Liabilities + Owner's Equity
300
What is on the left side of a balance sheet?
What is assests
300
What is the name of "Things and stuff" on the balance sheet?
Assets
300
Net worth is the same as equity
true
300
How much does advertising cost?
$1
300
What do business people call the raw material used in producing a product?
Inventory
400
What does a balance sheet always need to do?
Balance
400
What are two other names for an income statement?
Operating statement and Profit and Loss (P&L) statement
400
The only things on the right side of the last balance sheet in chapter two is Notes Payable and Original investment
false
400
how many glasses of lemonade did we make?
60
400
What is the cost of each lemon?
$0.20
500
At the begining of the chapter what is the left and right side of the balance sheet labeled?
"What we have" on the left and "Who owns it" on the right
500
What are three names for Equity?
Owners Equity, Stockholder's equity and net worth
500
In the picture showing what assests, liabilities and equity consist of, Banker, Uncle Sam and Mom and dad are what appear in the "People we owe" section.
false
500
How many glasses of lemonade did we sell?
50
500
What is the opening sentence of chapter one?
"Remember how you learned to make money as a kid?"