1 - Review Game

What is the process of planning, recording, analyzing, and interpreting financial information called?

• Budgeting

• Marketing

• Accounting

• Investing

What is often referred to as "the language of business"?

• Marketing

• Accounting

• Management

• Economics

What is an accounting system designed to do?

• Increase sales

• Compile data and summarize results in records and reports

• Manage employees

• Develop marketing strategies

What do financial statements summarize?

• The marketing strategies of a business

• The financial conditions and operations of a business

• The employee performance

• The customer satisfaction levels

What does a net worth statement show?

• The total sales of a company

• The difference between what a person owns and owes

• The number of employees in a company

• The marketing budget of a company

What is an asset?

• Anything of value that is owned

• Anything owed to others

• The difference between assets and liabilities

• A type of financial statement

What is a liability?

• Anything of value that is owned

• Anything owed to others

• The difference between assets and liabilities

• A type of financial statement

What is equity?

• Anything of value that is owned

• Anything owed to others

• The difference between assets and liabilities

• A type of financial statement

Why is it important to own more than you owe?

• To increase liabilities

• To have a positive net worth

• To decrease assets

• To avoid double-rule

What type of business is Delgado Web Services?

• Partnership

• Corporation

• Sole proprietorship

• Franchise