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ACCT 2810-Exam 1 Terms, Auburn University, Cornett Questions and answers.
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ACCT 2810-Exam 1 Terms, Auburn University, Cornett Questions and answers.
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ACCT 2810-Exam 1 Terms,Auburn University, Cornett
Questions and answers
Business - answer An organization in which basic
resources(inputs), such as materials and labor, are
assembled and processed to provide goods or
services(outputs) to customers.
Profit - answer The difference between the
amounts received from customers for goods or
services and the amounts paid for the inputs used
to provide the goods or services.
Service Business - answer Provide services rather
than products to customers
Merchandising Business - answer Sell products
they purchase from other businesses to customers
Manufactoring Business - answer Change the basic
inputs into products that are sold to customers
Proprietorship - answer Owned by one individual
, Partnership - answer Owned by two or more
individuals
Corporation - answer Organized under state or
federal statutes as a separate legal entity
Limited Liability Company(LLC) - answer Combines
attributes of a partnership and a corporation
Low-cost strategy - answer Where a company
designs and produces products or services at a
lower cost than its competitors
Premium-Price Strategy - answer Where a company
tries to design and produce products or services
that serve unique market needs, allowing it to
charge premium prices
Business Stakeholder - answer A person or entity
with an interest in the economic performance and
well-being of a company
Financing Activities - answer To obtain the
necessary funds (monies) to organize and operate
the company
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