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Grade 10 business > Unit 3 Accounting And Stuff > Flashcards

Unit 3 Accounting And Stuff Flashcards

1
Q

What is an accounting

A

The process of recording, analyzing and interpreting the financial or economic activities of a business

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2
Q

What are the two types of accounting

A

Financial and management

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3
Q

What does a financial accountant do

A

The process of recording and analyzing information about the finances of an organization to make decisions about the company

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4
Q

What does a management accountant do

A

Accounting practices used in cooperations to make Interno decisions about the company

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5
Q

What are financial activities in business is recorded as

A

Transactions

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6
Q

What are transactions

A

Recording of something of value for something else of value for example the company pays 9/hr to employees for work

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7
Q

Define a bookkeeping

A

The recording of all transactions for a business in a specific format

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8
Q

What is the principle that each transaction involves two changes called

A

Double entry

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9
Q

What is generally accepted accounting principles

A

Guidelines developed by professional accountants for the wayaccounting records and financial statements are prepared. Financial records are presented in a standard form

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10
Q

What are financial statements

A

Formal documents that

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11
Q

Give examples of finance worth

A

Money, spending, expenses, merges and costs

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12
Q

What is a fiscal year

A

A period of 12 consecutive months

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13
Q

What are assets

A

Things of value to the business or person owns

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14
Q

What are liabilities

A

Debts or amounts of money that are owned to others by an individual or business

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15
Q

What is a balance sheet

A

A statement of net worth of certain date

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16
Q

How to calculate owners equity

A

The difference between what assets and liabilities

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17
Q

What is owners equity

A

The owners investment in the business or the financial portion of the business that belongs to the owners or shareholders

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18
Q

What is another word for net worth

A

Owners equity

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19
Q

How to calculate total assets

A

Assets equal liabilities plus owners equity

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20
Q

What must the two sides of the equation be

A

Balanced

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21
Q

What is Accounts Receivable

A

An asset. Money owed by customers to a business

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22
Q

What are accounts payable

A

A liability. Debts the business goes to another business

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23
Q

What is mortgage payable

A

A liability. The mortgage on the building

24
Q

What is an income statement

A

The financial statement that shows the businesses profit or loss over stated fiscal year

25
Q

What is income statement required for

A

Income tax, and helps answer but the balance sheet is not

26
Q

What is the definition of revenue

A

The money, or the promise of money, received from the sale of goods or services

27
Q

What are expenses

A

Expenditures that help the business generate revenue. They have already been paid [liabilities have not]

28
Q

What difference between expenses and liabilities

A

Expenses have been paid and liabilities have not

29
Q

What are the three different leadership styles

A

Autocratic, laissez-fair, democratic

30
Q

What is the difference between the three different leadership styles

A

Autocratic is when the leader makes all the decisions, the next one is when the leader gives free reign, democratic is when people out to vote

31
Q

What is international business

A

All the business transactions necessary for creating, shipping and selling goods and services across national borders

32
Q

What is domestic transaction

A

The sound of items produced in the same country

33
Q

What is international business also called

A

International trade

34
Q

What is international transaction

A

The selling of items produced in other countries. These items contribute to the global economy

35
Q

What are the benefits for businesses involved in international trade

A

Access to markets, cheaper labor, increased quality of goods, access to resources, increased quantity of goods

36
Q

What is a global product

A

Standardized item such as pencils cameras and soccer balls

37
Q

What are joint ventures

A

Went to companies create a third entity, can match the skills and expertise of two different individuals or businesses to generate more benefits for both parties

38
Q

What are the five p’s of international business

A

Product, price, proximity, preference, promotion

39
Q

What is promotion

A

Like marketing

40
Q

Describe product in the five p’s international business

A

A country’s resources in terms of goods and services it produces

41
Q

What are the barriers of international trade

A

Tariffs, nontariffed, cost importing and exporting, excise taxes, currensy fluctuations

42
Q

What are non-tariffs

A

Controls our standards for the Quality of imported goods sets Ohio for the vendors for into the market, Kimmy license occasion to Sell goods

43
Q

What is excise taxes

A

The tax on manufacture, sale or consumption a particular product within a country

44
Q

What is a surplus

A

When a country earns more and it pays

45
Q

What is a deficit

A

When a country pays more than earns

46
Q

What is the North American Free Trade Agreement

A

Came into effect in 1989 and all of North America has free-trade

47
Q

What is the G8 Or g7 now

A

Association of the worlds most powerful industrialized democracies they meet annually they deal with economic and political issues and things such as energy employment environment human rights and arms control or discussed

48
Q

What is net income

A

the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)

49
Q

What is import

A

When you bring something in from outside the country

50
Q

What is export

A

When you send something outside of your country

51
Q

What is selling the rights

A

Inventors can out right so the ownership/rights

52
Q

What is copyright

A

the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.

53
Q

What is entrepreneurship

A

the process of starting a business, a startup company or other organization.

54
Q

What is venture

A

starting up a business

55
Q

What is innovation

A

make changes in something established, especially by introducing new methods, ideas, or products.

56
Q

What is invention

A

create or design (something that has not existed before); be the originator of

Grade 10 business (4 decks)

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