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

Law and Order CHAP 4

Business Management & Bookkeeping

4A: In a Sole Proprietorship or a Partnership, Creditors may go after _____ assets personal
4A: In a Corporation or LLC, Creditors may only go after _____ assets corporate
4A: A Corporation that can file business income as individual income is known as a “S” chapter corporation
4A: What size Surety bond must a LLC post in order to acquire a liscense $100,000
4A: What size General Liability Insurance must a LLC carry $1 Million Dollars for 5 or less members, plus $100,000 for each additional member
4A: If an LLC is suspended, and continues operation, each member will be held personally liable for $1 Million Dollars
4B: Sole Ownership or Partnerships are required to pay taxes _____ pre-paid or quarterly
4B: What is an EIN Employers Identification Number
4B: What is the EDD Employment Development Department
4B: What does California require for businesses that sell tangible personal property sales permit
4B: Where should a contractor deposit collected SALES tax The State Board of Equalization
4C: Under the _____ basis of accounting, revenue is recognized when cash is actually received cash
4C: Under the ______ basis of accounting, revenue is recognized when earned and expenses incurred accrual
4D: The ___________ is a statement of financial condition of an individual business at a certain point in time balance sheet
4D: The Right Side of the Balance Sheet contains Liabilities and Stockholders Equity
4D: The Left Side of the Balance Sheet contains assets
4D: Assets are organized in order of ______ Liquidity
4D: Current Assets are Assets that can be ______ Cash or turned into cash within the normal course of business
4D: Define “Retention” A specified amount withheld from progress payments to the contractor pending satisfactory completion
4D: Define “Accounts Receivable” The amounts due from customers, other than retentions
4D: Define “Inventory” All materials, labor, and overhead on a job that you have spent but not yet charged for
4D: Insurance Premiums are an example of which asset Prepaid Expenses
4D: Property, Plant and Equipment are also known as Fixed assets
4D: Regardless of their market value, Fixed assets are to be valued at _____ original cost minus depreciation
4D: Define “contra account” an account linked with another account, for example Depreciation is linked to Fixed Assets
4D: Define “Depreciation” the process of allocating the costs of assets over their expected useful lives
4E: Define “Current Liabilities” debts of the company that are due within one year of the balance sheet date
4E: Define “Accounts payable” Money owed to suppliers and subcontractors
4E: Define “Notes payable” Principal owed on a written note this year (loan)
4E: Define “Accrued payroll” Salaries and Wages owed to the employees
4E: Define “Miscellaneous Taxes Payable” Taxes owed to local and state governmental agencies
4E: Stockholders Equity represents _____ the claim of the owners on the assets of the business
4E: Define “Capital Stock” The total amount invested by the contractor in exchange for shares of common stock
4E: Define “Retained Earnings” Total corporation earnings minus the total dividends declared
4F: Current Ratio = Current Assets / Current Liabilities
4F: Quick Ratio = (Current Assets – Inventory) / Current Liabilities
4F: Working Capital = Current Assets – Current Liabilities
4F: Debt Ratio = Total Liabilities / Total Assets
4F: Debt to Equity Ratio = Total Liabilities / Total Equity
4F Equity Ratio = Total Equity / Total Assets
4F: Assets to Equity Ratio = Total Assets / Total Equity
4F: The Statement that summarizes the operations of the company over a PERIOD of time is known as the Income Statement
4F: Define “Income” on an Income Statement all the billings made to customers for completed projects, as well as works in progress
4F: Define “Cost of Operations” on an Income Statement all costs and expenses associated with running the business
4F: Which Overhead cost is not shown on the “Cost of Operation” line federal income taxes
4F: Define “Direct Labor” on an Income Statement The actual cost of labor payroll (wages)
4F: Define “Direct Labor Burden” on an Income Statement The cost OF employing (workmans comp, taxes, benefits etc.)
4F: The largest Cost of Operation on an Income Statement is USUALLY ______ Materials Used
4F: Pretax Income, or “Income before provision” is found by subtracting total operating cost from total sales (income)
4F: Pretax Income is the number used for corporations to pay _______ Federal Income Tax
4F: The net income represents the sum of ALL revenues minus ALL expenses, also known as the _____ Bottom Line
4G: List three types of planning systems used by contractors Calendar, Bar Chart, Critical Path
Created by: yobryan2009
Popular Business 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