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Business Concepts Flashcard

Business Concepts Flashcard

Assessment

Flashcard

Other

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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21 questions

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1.

FLASHCARD QUESTION

Front

What is a sole proprietorship?

Back

A business owned and managed by a single individual

2.

FLASHCARD QUESTION

Front

What does liability refer to in a business context?

Back

A legally bound obligation to pay debts

3.

FLASHCARD QUESTION

Front

What are fringe benefits?

Back

Payment other than wages or salaries

4.

FLASHCARD QUESTION

Front

What is a partnership in business terms?

Back

A business organization owned by two or more persons

5.

FLASHCARD QUESTION

Front

What is an income statement?

Back

A report showing a business’s sales, expenses, net income, and cash flows for a period of time

6.

FLASHCARD QUESTION

Front

What does depreciation refer to in a business context?

Back

A noncash charge for the general wear and tear on capital goods

7.

FLASHCARD QUESTION

Front

What is cash flow?

Back

The sum of net income and noncash charges such as depreciation.

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