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4.01 Business Essentials Flashcards | StudBud
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4.01 Business Essentials
4.01 Business Essentials
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Questions
20
Answers
1
Dividends are the amount of money that the business spends
False
True
2
Finances include ALL money within a business
True
False
3
What are Accounting Standards?
A sum of money paid to an investor or stockholder
The amount an owner has invested in the business plus/minus profits/ losses
???
Rules that accountants must follow when preparing financial statements
4
What is a Cash Flow Statement?
The process of keeping financial records
Decisions that determine which projects a business will invest
A sum of money paid to an investor/stockholder as earnings on an investment
The monies that a business spends; also called expenditures
5
What are Finances?
A summary of accounting information
???
A process/series of steps that business complete to keep financial records
The function that involves all money and money management matters
6
What is "Acquisition of Funds"
A summary of accounting information
Finance activity involving making decisions about a firm’s investments
Finance activity involving making decisions about financing
Finance activity involving making decisions about a firm’s investments
7
What is a Balance Sheet?
A financial summary with information on how much money will flow into/out
An individual who has had specialized training in accounting procedures
A financial statement that captures the financial condition of the business
Finance activity involving making decisions about financing
8
A Balance Sheet focuses on the amount of employees a business can hold at that particular time
False
True
9
What are Expenses?
The monies that a business spends; also called expenditures
Rules that accountants must follow when preparing financial statements
A summary of accounting information
Finance activity involving making decisions about financing
10
What is an accountant?
Decisions that determine which projects a business will invest in
An individual who has had specialized training in accounting procedures
The process of keeping financial records
Anything of value that a business owns
11
What is accounting?
The monies that a business spends; also called expenditures
The process of keeping financial records
A sum of money paid to an investor/stockholder as earnings on an investment
A summary of accounting information
12
What is a Financial Statement?
Money received by a business or an individual from outside sources
The process of keeping financial records
Debts that the business owes
A summary of accounting information
13
An accountant deals with finances, and brings their manager coffee
False
True
14
What are Dividends?
The monies that a business spends; also called expenditures
A summary of accounting information
A sum of money paid to an investor/stockholder as earnings on an investment
Money received by a business or an individual from outside sources
15
What are Capital Investment Decisions?
Debts that the business owes
Decisions that are made by capitals that determine how much money is made
Decisions that determine which projects a business investments/finance
Finance activity involving making decisions about financing
16
What are Assets?
Anything of value that a business owns
The total value of the business
Debts that the business owes
The monies that a business spends; also called expenditures
17
What is Income?
Money received by a business or an individual from outside sources
Money you get from chores
The total value of the business
Debts that the business owes
18
Accountants don't have to follow accounting standards if a fellow employee says to do something else
False
True
19
What is an Income Statement?
Finance activity involving making decisions about financing
The function that involves all money and money management matters
A financial summary that shows how much money the business has made/lost
Anything of value that a business owns
20
A Cash Flow Statement is a summary estimates financials actions in and out of the business
True
False
