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Intro to business Final Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution $7.99
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, Market Segmentation - ANS-Dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require separate products
or marketing programs
Accounting - ANS-A comprehensive system for collecting, analyzing, and
communicating financial information
What is the accounting equation? - ANS-Assets = Liabilities + Owner's Equity
3 types of financial statements - ANS-balance sheet, income statement, statement of
cash flows
balance sheet - ANS-A financial statement that reports assets, liabilities, and owner's
equity on a specific date.
current assets - ANS-items that can or will be converted into cash within one year
fixed assets - ANS-Long-term assets that are relatively permanent such as land,
buildings, or equipment.
intangible assets - ANS-long-term assets (e.g., patents, trademarks, copyrights) that
have no real physical form but do have value
Current Liabilities - ANS-liabilities due within a short time, usually within a year
long-term liabilities - ANS-liabilities owed for more than a year
Income Statement - ANS-A financial statement that reports a company's revenues and
expenses and resulting net income or net loss for a specific period of time.
statements of cash flows - ANS-financial statement describing a firm's yearly cash
receipts and cash payments
Startup Expenses - ANS-One-time expenses needed to get your business running. The
minimum expenses necessary to get a business off the ground.
startup assets - ANS-might include cash in the bank and starting inventory, and/or either
current or long-term assets, such as equipment, office furniture, etc.
debt financing - ANS-term loans, bonds, and mortgage loans
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