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WorksheetsBeginning Accounting
Total questions: 16
Worksheet time: 8mins
What are for-profit businesses
Operate for reasons other than making a profit
Make a lot of money
Operate to make money
Don't make a lot of money
What does CPA stand for?
Certified Professional Accountant
Certified Public Accountant
Credited Public Accountant
Certified Proficient Accounting
What is an audit?
When the company gets in trouble with government
When the company checks its revenue streams
A review of the company's accounting systems
When the company operates at a loss
What is a free enterprise system?
When people are free to operate the businesses they choose to
When the government tells you what you can sell
When society decides what you can and can't sell
What does profit mean?
The amount of money the business brings in
The amount of money left over after operating expenses are paid
How much money the owner makes
Money made from company sales
What does operating at a loss mean?
Profits are low
No one knows what they're doing
The company spends more money than they make
What is capital?
The largest city in a state
Washington D.C
Money investors, owners, or banks supply
The cash a company has on hand
What is a service business?
Provides a needed service for a fee
Buys finished products and resells them to individuals or other businesses
Buys raw materials, uses labor and machinery to transform them into finished products
What is a merchandising business?
Provides a needed service for a fee
Buys finished products and resells them to individuals or other businesses
Buys raw materials, uses labor and machinery to transform them into finished products
What is a manufacturing business?
Provides a needed service for a fee
Buys finished products and resells them to individuals or other businesses
Buys raw materials, uses labor and machinery to transform them into finished products
How many people own a sole proprietorship?
one
two
three
four
How many people own a partnership
two or more
two
hundreds
thousands
What is an advantage of a sole proprietorship
Hard to attract talent
limited expertise
Owner keeps all the profits
Lots of regulations
What is an advantage of a partnership?
Shared profits
less money available
less expertise
easy startup
What is an advantage of a corporation?
costly to start
complex to organize
hard to transfer ownership
loss limited to investment
What does GAAP stand for?
Gradually Accepted Accounting Practices
Generally Accepted Accounting Principles
Genuinely Accredited Accounting Procedures
Gently Accrued Accounting Principles
