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Chapter 2

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show People are free to produce the goods and services they choose.  
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show The amount of money earned over and above the amount spent to keep the business operating  
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Loss   show
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Entrepreneur   show
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Capital   show
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Service Business   show
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Merchandising Business   show
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show Buys raw materials, uses labor and machinery to transform them into finished products, and sells them to individuals or other businesses.  
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show A business owned by one person.  
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show A business owned by two or more persons who agree to operate the business as co-owners.  
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show A business recognized by law to have a life of its own.  
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show Gives a corporation certain rights and privileges.  
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show Designed to collect, document, and report on financial transactions affecting the business.  
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Manual Accounting System   show
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Computerized Accounting System   show
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GAAP   show
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show Summarized information about the financial status of a business.  
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show Focuses on reporting information to external users.  
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show Focuses on reporting information to management, is often referred to as accounting for internal users of accounting information.  
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show Exists independently of its owner's personal holdings.  
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show A period of time covered by an accounting report.  
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Going Concern   show
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