U2L5 HW Intro to Bus

Fill in the blank: _______ is the process of recording, analyzing, and interpreting the economic activities of a business.

• Accounting

• Marketing

• Budgeting

• Auditing

Fill in the blank: An _______ is anything where money changes hands.

• economic activity

• transaction

• exchange

• purchase

Which step comes after 'Recording' in the accounting process?

• Classifying

• Summarizing

• Analyzing

• Interpreting

Which of the following is a step in the accounting process?

• Budgeting

• Recording

• Marketing

• Auditing

One of the objectives of accounting is ___________.

• Maintaining records

• Increasing sales

• Improving customer satisfaction

• Enhancing employee productivity

Accounting helps to ___________.

• Determine profit or loss

• Track inventory levels

• Manage employee schedules

• Plan marketing strategies

One of the objectives of accounting is to ___________.

• Determine financial position

• Increase sales

• Reduce taxes

• Improve employee satisfaction

Profit or loss is determined according to the objectives of accounting by:

• calculating the difference between total revenue and total expenses

• analyzing the market trends

• evaluating employee performance

• assessing customer satisfaction

The purpose of determining financial position in accounting is to:

• assess the profitability of a business.

• evaluate the financial health of a business.

• determine the tax liability of a business.

• analyze the market trends affecting a business.

Providing information to users helps them by:

• improving decision-making

• confusing them

• making them dependent

• overloading them with data