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Chapter 2


What is a CPA? Certiffied Public Accountant
What are the two types of businesses? For profit and Non-profit
What is the difference between and for profit and non-profit business? The non-profit business donates the profit of their operation back to the common good. The profit business benefits the owener/owners.
Businesses that spend more money than they make are operating at a what? loss
What is an entrepreneur? Someone who takes an idea and makes a business out of it.
Name the two types of accounting systems. Manual and computerized
What are financial reports? Summarized information about the financial status of a business