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BSA > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Going into business means investing in activities that can make available goods and services needed in a community.

A

Concept of business

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2
Q

Realize profit from investment , increase the value of the business itself as an economic entity , and improve the quality of life in the community.

A

Concept of business

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3
Q

Its growth and stability enhances says also the economic conditions of the business where it is located

A

Concept of business

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4
Q

Definition of business

A

Commercial activity customarily engage as means of livelihood.
An organization involves rendering services and selling goods to satisfy the needs of customer.
Place where enterprise is carried on.
Location where a transaction occur between the seller and the buyer.

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5
Q

Goals of engage in into business

A

Earn profit out of investment
Improve the quality of life
Increase its own value as an economic entity

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6
Q

Forms of business

A

Sole proprietorship
Partnership
Corporation
Cooperative

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7
Q

Owned by one person and operates for their benefit

A

Sole proprietorship

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8
Q

Has an unlimited liability for all obligations incurred whether from operating or judgment in the business

A

Sole proprietorship

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9
Q

Generates own financial resources

A

Sole proprietorship

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10
Q

Owned by two or more people

A

Partnership

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11
Q

Each has unlimited liability for the debts incurred by the business

A

Partnership

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12
Q

Owner of a corporation

A

Shareholders

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13
Q

Has limited liability and the business has a separate legal personality from its owner

A

Corporation

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14
Q

A limited liability business that can organize for nonprofit and for-profit.

A

Cooperative

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15
Q

This has members that they share decision-making authority

A

Cooperative

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16
Q

Types of business Organization

A

Servicing
Merchandising
Manufacturing

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17
Q

Companies that performs services for a fee

A

Servicing

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18
Q

Organization that generally purchases finish products or goods that are ready for sale to final customer

A

Merchandising

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19
Q

This entity normally buy raw materials , processed them into products and once finish as products , this will be available for sale

A

Manufacturing

20
Q

Activities of business organization

A

Financing activities
Investing activities
Operating activities

21
Q

Activities of an organization use to obtain financial resources from financial markets. This is the means of funding of the business to be engage in

A

Financing activities

22
Q

Involves selection in physical resources that will be used to develop , produce goods and services such as buying of land , acquisition of necessary equipment and construction of building.

A

Investing activities

23
Q

The most activities that can found in business that involves the use of resources to design , produce and distribute goods and services to the customer that may include research and development activity , designing and engineering

A

Operating activities

24
Q

An economic activities that affect any of the basic accounting elements

A

Business Transaction

25
Q

Includes transfer of something of value between two entities

A

Business transaction

26
Q

Documents on paper or electric documents that represent in relation to external parties , such as letters , invoice , order sheets , credit notes and bills

A

Business documents

27
Q

This is what you call to the business documents that relate to sales of goods and services

A

Sales document

28
Q

It describes all the basic facts of the transaction such as the amount of transaction , to which the transaction was made , the purpose of the transaction , and the date of the transaction

A

Source document

29
Q

It is used as the basis to analyze and record transactions

A

Record of business

30
Q

An alternative and legally acceptable instrument used to buy groceries , pay bills , and purchase product. This is usually used to pay big amount of money

A

Check

31
Q

Itemized statement of the goods or services provided by a vendor or supplier. Indicates the quantity and price of each product or service provided

A

Purchase invoice

32
Q

Roll a paper which is used in cash register to print information when completing transaction

A

Cash register tape

33
Q

A commercial document issued by a seller to a buyer

A

Reddit memo for customer refund

34
Q

Used to record the x and employee is working punches in and out to mark the time they start and stop work

A

Employee time card

35
Q

A paper slips that banks use with customers for the purpose of depositing funds into their account

A

Validated deposit slip

36
Q

Report released on a fixed date every month by banks that list deposits, withdrawals, and check fades incurred on account.

A

Bank statements

37
Q

It sets forth the descriptions , quantities , prices , discounts , payment terms , date of performance, and identifies also as “order”

A

Purchase order

38
Q

A written or spoken agreement , specially one concerning employment , sales , or tenancy that is intended to be enforceable by law

A

Contracts

39
Q

It is also called a statement of account

A

Billing statement

40
Q

It is a list of charges that customer has accumulated over a period of time. it is a document issued by a supplier to its customer

A

Billing statement

41
Q

It is a written acknowledgement that shows money which has been received as an exchange for product and services

A

Official receipt

42
Q

A simply physical proof that the item has been delivered

A

Delivery receipt

43
Q

An itemized statement of goods or services provided to customer which indicates the quantity and price of each products delivered

A

Sales invoice

44
Q

Summary of the total manufacturing cost of an item that involves charges to a processing department and the allocation of the total cost between the ending work in progress inventory and the units completed and transferred out to the next department or finished goods inventory

A

Production report

45
Q

A signed document containing a written promise to pay a stated sum to a specified person or the barrier at the specified date or on-demand

A

Promissory notes

BSA (1 decks)

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