Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
What is Owners Equity?
(Owner's Equity) |
Owner’s equity is the owner’s money that he/she puts into the business
|
|
|
What is capital? (Owner's Equity)
|
Capital represents the owner’s investment in the business and can be in a variety of forms. Eg, cash, buildings, Stock, loans and other debt. (Owner's Equity)
|
|
|
What is drawing's or what does drawing's represent? (Owner's Equity)
|
Drawings represents the owners withdraw of items from the business; cash, products. (Owner's Equity)
|
|
|
What is an asset? (Asset)
|
An Asset is what he/she owns. Eg. Car, House. An Asset is also items of value owned by the business
|
|
|
What is stock/inventories (Asset)
|
Stock/Inventories goods/merchandise are terms used to describe the assets purchase by a business with the intension of reselling the product at a price to make a profit. (Asset)
|
|
|
What is Account's receivable/debtors (Asset)
|
Accounts receivable/Debtors are those people (or other businesses) the business may sell stock to on credit. Therefor, the business is owed money from its debtors. (Asset)
|
|
|
What is a Liability (Liability)
|
Liability is an amount owed to external parties. Eg. Banks – loans, mortgage
|
|
|
What is Accounts payable or creditors (Liability)
|
Accounts payable/creditors are those businesses its stock from on credit. Therefor, the business owes its creditors money. (Liability)
|
|
|
What is Bank Overdraft or how it exists (Liability)
|
Bank overdraft exists when a business (or individual) withdraws more money from its bank account than it has deposited. (Liability)
|
|
|
How long should you wait before assessing a person's vital signs who was active?
|
about 15-30 minutes
|
|
|
What is an Expense (Expense)
|
Expenses is a cost incurred in earning income. An expense is also he/she has purchased
|
|
|
What is Cost of Goods? (Expense)
|
Costs of goods sold is an expense to a trading business of purchasing goods for resale. The expense only occurs once the goods, which have been purchased, are sold. (Expense)
|
|
|
What is Commission Pay?
(Expense) |
Commission pay is when a employee is given extra pay or a percentage for selling products.
|
|
|
What is a Revenue? (Revenue)
|
A Revenue is a income earned by the business
|
|
|
What is Sales Revenue? (Revenue)
|
Sales revenue earned from selling of goods in a trading enterprise. (Revenue)
|
|
|
What is Fees Revenue ?(Revenue)
|
Fees revenue represents revenue earned from the selling of service. (Revenue)
|
|
|
What is Commission Received? (Revenue)
|
Commission received is when a business buys stock from a supplier and the supplier gives the business a commission.
|
|
|
In the business world how many business fail. 1 out of 3 1/3
2 out of 3 2/3 2 out of 4 2/4 |
1 out of 3 1/3
|
|
|
What is the main reason to go into business
|
to make money and make a profit
|
|
|
can a sole trader have employees
|
No. A sole trader canot have employees though they can hire people to do work for them
|
