Topic 3 Quiz B Flashcards
An agreement that payment for a product or service will be made at some later date.
credit
Uneventful protection for the small business or small business owner in regards to monetary compensation in the even that a business and/or personal peril is experienced.
insurance
A group of potential customers possessing purchasing power and unsatisfied needs.
market
A qualification that is absolutely necessary for the job; it is an allowed and approved reason for discrimination
bona fide occupational qualification
Expenses incurred in the normal operation of a business
overhead
An intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time.
trademark
Form of business ownership (approved in most states since approximately 1994); combines aspects of partnerships with the limited liability of a corporation; owners known as members.
Limited Liability Corporation
One who organizes, manages, and assumes the risk of a business firm or venture.
entrepreneur
Regulating the activities or course of activities of an organization; to guide and/or supervise the activities of an organization.
actuating or directing
An intangible asset such as the name of a funeral home; also, an intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind.
goodwill
A financial statement that shows the net income (or net loss) for an accounting period is called the
income statement
A new cot was purchased at a cost of $4000. It has an estimated life of 5 years and an estimated salvage value of $200. How much would the cot be worth after 3 years?
$1720 4000-200=3800 3800/5=760 760 x 3=2280 4000-2280=1720
A T account has three major parts:
A title, a debit side, a credit side
Owner’s equity and revenue accounts will generally have a _______ balance
credit
The legal obligation of a business to pay a debt is called a/an
liability
