Chapter 2
Help!
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| Free Enterprise System | People are free to produce the goods and services they choose.
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| Profit | The amount of money earned over and above the amount spent to keep the business operating
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| Loss | Businesses that spend more money than they earn.
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| Entrepreneur | A person who transforms ideas for products or services into real-world businesses.
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| Capital | Money that investors, banks, or business owners supply.
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| Service Business | Provides a need service for a fee.
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| Merchandising Business | Buys finished products and resells them to individuals or other businesses.
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| Manufacturing Business | 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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| Sole Proprietorship | A business owned by one person.
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| Partnership | A business owned by two or more persons who agree to operate the business as co-owners.
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| Corporation | A business recognized by law to have a life of its own.
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| Charter | Gives a corporation certain rights and privileges.
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| Accounting System | Designed to collect, document, and report on financial transactions affecting the business.
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| Manual Accounting System | The accounting information is processed by hand.
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| Computerized Accounting System | The financial information is recorded by entering it into a computer.
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| GAAP | Generally Accepted Accounting Principles.
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| Financial Reports | Summarized information about the financial status of a business.
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| Financial Accounting | Focuses on reporting information to external users.
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| Management Accounting | Focuses on reporting information to management, is often referred to as accounting for internal users of accounting information.
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| Business Entity | Exists independently of its owner's personal holdings.
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| Accounting Period | A period of time covered by an accounting report.
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| Going Concern | A business that is expected to continue and grow.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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