Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

.Chapter 2.1


Free enterprise system A system in which individuals are free to produce the goods and services they choose. Free enterprise
Profit The amount earned above the amount of expense incurred to keep the business operating
Loss The result when a business spends more money than it earns.
Entreprenuer A person who transforms ideas for products or services int real world businesses
Capital Money supplied by investors, banks, or owners of business Cap
Service Business A business that provides a needed service for a fee
Merchandising Business A business that buys finished goods and resells them to individuals or other businesses
Manufacturing Business A business that buys raw materials and transforms them into finished produces by using labor and machinery
Sole Proprietor A business owned by a single percon
Partnership A business owned by two or more persons, called partners, who agree to operate the business as co-owners
Corporation A business organization recognized by law to have a life of its own owned by more than one person.
Charter Th legal Permission, granted by a state, that gives a corporation certain rights and privileges and spells out the rules under which the corporation is to operate
Accounting System Designed to collect documents and reports on financial transactions affecting the business
Manual accounting system Done by hand manual
Computerized accounting system Recorded by entering information in the computer
GAAP Generally accepted accounting principles
Financial reports Summarized information about the financial status of a business system
Financial Accounting Focuses on finanicial reporting information to external users
Management accounting Focuses on reporting information to management, internal users
Business entity Personally information
Accounting period Period of time covered by an accounting report monthly, weekly, yearly
Going concern Expected to continue
Created by: 237518
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards