Basic Accounting Concepts
Things of value that a business or person owns
What are assets?
The function used to add cells
The ability to do something specific or to translate knowledge into action
What is a skill?
A product or process that does something that has never been done before
What is an invention?
Money that an individual or business receives from sources, such as wages or sales, interest, and dividends
What is income?
The accounting practice of always recording an asset at the actual amount it costs the business
What is the cost principle?
Equation used to calculate owner's equity
The characteristic to be able to face risk?
What is a risk taker?
A business that usually starts as an invention or innovation
What is an ideas-driven enterprise?
Classification of coins and paper money by the government
What is legal tender?
The result of Revenue - Cost of Goods Sold
What is Gross Profit?
The number format used for the first value in balance sheet column
What is Accounting?
The characteristic to view problems as opportunities and challenges
What is perceptive?
This requires using new technology, materials, or processes to improve existing products or to create new production and distribution processes
What is an innovation?
The amount of money that is left over after all necessities have been paid
What is discretionary income?
A summary of the cash-in and cash-out transactions of a business
What is the statement of cash-flow?
Used to place underlines under totals in balance sheet
What is Borders?
The categories of entrepreneurial skills
What are Research, Management, and Relationship skills?
This allows an entrepreneur to visualize all the products or services that are available in a segment and to group them by specific features
What is product mapping?
The three Rs of waste management
What are reduce, reuse, and recycle?
Text that goes in the highlighted section
What is Net Income?
The sign used to specify a range of cells
What is the colon?
The characteristics of a good business plan
What are feasible, marketable, and profitable?
Invention created in 1921
What is insulin?
The three forms of business income
What are revenue, gross income, and net income?