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EOPA BLawton 3

Entrepreneurship Pathway

What is a Ledger? Books in which financial records are written
Trial Balance is... A summary of all the financial data in the account ledger that ensures the figures are correct and balance.
The P&L Account begins with... total sales generated during a month, quarter or year
What does the P&L stand for? Profit and Loss
What are specialty goods? goods that are not mass-produced but rather assembled individually or in small qualities
Unsought Goods? items that the consumer either does not know about or knows about doesn't initially want
The study of how to increase resources and create the conditions that will make better use of them is... Resource Development
How does capitalism create z climate for economic growth? Business people don't often deliberately set out to help others
Under capitalism, what will happen to those who are born without the wealth and opportunities enjoyed by others? Doesn't capitalism make the rich richer and the poor poorer? Capitalism is the one system that leaves everyone free to rise by his own efforts.
Since exchange is voluntary, it will not occur unless both parties to the transaction agree to it. To agree to the exchange, each party must stand to gain something from it both parties must gain.
Created by: BrianaL.
Popular Management sets




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