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Entrepreneurship - Financial Statements Ch. 20 Flashcards | StudBud
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Entrepreneurship - Financial Statements Ch. 20
Entrepreneurship - Financial Statements Ch. 20
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StudBud Administration
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Financial Statements and financial analysis unit review Baron
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
An example of a current asset
Accounts Receivable
Equipment
Building
Accounts Payable
2
the volume of sales needed to cover all expenses
100
profit margin
1000
breakeven point
3
Lowering of the value of an asset
depreciation
appreciation
inflation
deflation
4
All businesses use this form of accounting
GAAP
Pro-fessional
Pro-state
EEOE
5
Another word for debt or money owed is?
receipts
expenses
bills
liabilities
6
COGS - stands for
cost of great sales
call off giant squid
cost of goods sold
cost of general solutions
7
utilities, salaries, wages, cleaning supplies are all examples of?
COGS
interest expense
operating expenses
income tax
8
The amount your business owes to Creditors
equity
debt capital
unsecured loan
accounts payable
9
why should you analyze your sales by product?
to order more product
find out how much money you are making
to decide what inventory to stock
10
What is an asset?
money a business owes
something of value a business owns
money received
cash paid
11
The money a business receives from selling products and/or services is called?
deductible
assets
revenue
cash payments
12
Example of a fixed asset
cash
supplies
inventory
building
13
If an entrepreneur sells part of the ownership of their business they are receiving?
proprietorship
corporation
equity capital
debt capital
14
What is the equation for calculating Gross Profit?
Net Sales - Cost of goods sold =
revenue - expenses =
assets - liabilities =
cash receipts - cash payments =
15
What is the equation for an income statement?
revenue - expenses = net income
cash receipts - cash payments = net cash flow
Assets - liabilities = owners equity
16
A list of one time only expenses to establish a business?
start up costs
cash flow statement
income statement
balance sheet
17
property forfeited by the borrower if they default on the loan
building
collateral
house
18
tracks payments due from customers for products and services already provided
accounts payable
accounts receivable
uncollectible accounts
19
the following are regular accounting activities
creating payroll records
tax records
preparing financial statements
all of the above
20
What is the equation for a balance sheet?
assets - liabilities = owners equity
cash receipts - cash payments = net cash flow
revenue - expenses = net income
