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Accounting Unit 1 questions reviewed & correctly answered.

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  • Accounting 101

Accounting Unit 1 questions reviewed & correctly answered.

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  • 29 de agosto de 2024
  • 4
  • 2024/2025
  • Examen
  • Preguntas y respuestas
  • Accounting 101
  • Accounting 101
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Accounting Unit 1 questions reviewed &
correctly answered.
Free Enterprise System ANS - People are free to produce the goods and services they choose within
legal limits

People are free to use their money as they wish within legal limits.



Private Enterprise ANS - An economic system in which the means of production are privately owned
and operated for profit.



To survive a business must ANS - Operate at a profit (money earned is higher than the amount spent)

Have an individual willing to take the risk to run it



Loss ANS - When a business spends more money than they earn



Entreprenuers ANS - A risk taker that transforms ideas for products or services into real-world
businesses



Service Business ANS - Provides a needed service for a fee



Merchandising Business ANS - Buys finished products and resells them to individuals or other
businesses



Manufacturing Business ANS - Buys raw materials and makes them into finished products, which they
sell, to individuals or other businesses



Sole Proprietorship ANS - A business owned by one person



Partnership ANS - A business owned by two or more persons who agree to operate the business as co-
owners

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