Accounting basics
What is the primary purpose of accounting?
To provide financial information about a business to stakeholders.
The stock market crash on October 29, 1929, marking the start of the Great Depression, is known as ... ?
Black Tuesday
What is a general increase in the prices of goods and services in an economy?
Inflation
Any individual or group that has an interest in or is affected by the activities of a business.
Stakeholder
Which company is the largest online retailer in the world?
Amazon
Define "assets" in accounting.
Resources owned by a company that provide future economic benefits.
When did the global financial crisis marked by the collapse of Lehman Brothers and other financial institutions take place?
2008
What is the law of supply and demand?
The theory that the price of a good rises and falls depending on how much of it is available (supply) and how much people want it (demand).
What does ROI stand for, and what does it measure?
Return on Investment; it measures the gain or loss generated on an investment relative to the amount of money invested.
What does CEO stand for?
Chief executive officer
What is the accounting equation?
Assets = Liabilities + Equity.
This automaker filed for the largest industrial bankruptcy in U.S. history in 2009.
General Motors
This term describes a market structure with a single seller and no close substitutes.
A monopoly
The combination of two companies to form a new company.
Merger
This management style involves managers making decisions without input from subordinates.
Autocratic management
What is the term for the process of recording financial transactions?
Bookkeeping
What was the event of the 1973 that lead to inflation and a global economic recession.
Oil crisis
A period of temporary economic decline during which trade and industrial activity are reduced.
Recession
Strategic process of identifying and managing the factors that could positively or negatively affect company's future
Risk management
This company's slogan is "Don't leave home without it".
American Express.
What does GAAP stand for?
Generally Accepted Accounting Principles
What was created at the Bretton Woods Conference in 1944?
the World Bank
What is gross domestic product (GDP)?
The total value of all goods and services produced within a country in a specific period.
This term refers to the difference between a company's total revenue and total costs
Net income
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats.