Show:
Basic Knowledge
Banking
Taxes & Payroll
Merchandising
Financial Statement
100
A business that makes a profit by doing tasks for others.
What is a service business?
100
When a check has been written but not yet cleared the bank for payment.
What is an outstanding check?
100
The form given to employees by January 31st of each year summarizing their earnings.
What is a W-2?
100
an incentive offered by a seller to a buyer encourage prompt payment
What is a cash discount?
100
Another name for the worksheet where all adjustments are planned and made.
What is Trial Balance?
200
An account that the balance is NOT closed at the end of each month.
What is a permanent account?
200
The form that is filled out when money is deposited into a bank account.
What is a deposit slip?
200
The mathematical equation for figuring how much sales tax to charge on a purchase.
What is Cost of merchandise * sales tax rate
200
the journal in which all cash receipts are recorded in chronological order
What is the Cash Receipts Journal?
200
The statement that only corporations will distribute at the end of each month.
What is a Statement of Stockholders' Equity?
300
the process for recording business transactions in a journal
What is journalizing?
300
When a check is returned as non-payable for reasons such as insufficient funds or a fraudulent signature.
What is a dishonored check?
300
The two taxes that employers much match 100% of the employee deduction.
What is Social Security and Medicare tax?
300
A business that buys and resells merchandise to to retail businesses.
What is a wholesale merchandiser?
300
The financial statement that shows Net Income or Net Loss for a time period.
What is Income Statement?
400
When sales is greater than expenses.
What is Net Income?
400
EFT
What is Electronic Funds Transfer?
400
The term for the amount of an employee's payroll check after taxes have been deducted.
What is Net Pay?
400
land, building and equipment
What are plant assets?
400
The statement that only shows Assets, Liabilities and Owner's Equity.
What is a Balance Sheet?
500
the listing of accounts where 100s are Assets, 200s are Liabilites, 300s are Capital, 400s are Sales and, and 500s are expenses.
What is the Chart of Accounts?
500
An endorsement that allows anyone to cash a check.
What is a blank endorsement?
500
The payroll tax that only employers are responsible for and employees do NOT have to pay.
What is unemployment taxes?
500
An amount earned by a corporation and not yet distributed to stockholders?
What is retained earnings?
500
The financial statement that only shows Revenue (or sales) and Expenses.
What is an Income Statement?