Business and Finance

A ____ is a type of financial intermediary that pools savings of individuals and makes them available to business and government users. Funds are obtained through sale of shares.

• mutual fund

• savings and loans

• savings bank

• credit union

A business owned by a several individuals who have limited liability for its debt is called a:

• A. corporation.

• B. sole proprietorship.

• C. general partnership.

• D. limited liability company

What the Finance Department not do?

• Forecasting cash flow.
• Producing accounting information for managers.
• Hold Annual General Meetings.
• Take important decisions of finance.

Finance departments record all transactions such as what?

• Payments and revenue.
• Transport and Infrastructure.

What is start up capital?

• Finance needed before starting trading.
• Finance paid after trading.
• Finance paid to banks.

Double entry in accounting means there must be________ entries for every transaction?

• two

• Three

• six

• one

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Expenses are those items that are:

• Direct costs for producing goods

• Costs associated with operating a business

• All the company outflows

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue