FUHRMS: General Vocab From TWO: Question Preview (ID: 20827)


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Which of these is not an advantage to setting up a business as a sole proprietorship?
a) The taxes are lower. b) There are fewer regulations. c) Losses are limited to the owner’s investment. d) The owner controls the business decisions.
A merchandising business –
a) provides a needed service for a fee. b) transforms raw materials into finished products. c) buys finished products and resells them for a profit. d) can be a shipyard, repair shop, or real estate office.
A business in which two or more persons combine their assets is called a(n)
a) corporation. b) sole proprietorship. c) partnership. d) merchandising business.
An example of an accounting assumption is a(n)
a) accounting system. b) accounting statement. c) going concern. d) computerized accounting.
Someone who transforms ideas for products or services into real-world business is called a(n) _____________.
a) entrepreneur. b) partner. c) manufacturer. d) shareholder.
A _____________ buys raw materials and transforms them into finished products.
a) service business b) merchandising business c) manufacturing business d) corporate business
Lack of steady wages and employee benefits would be...
a) an advantage to being an entrepreneur. b) an advantage to working for a corporation. c) an advantage to a sole proprietorship. d) a disadvantage to being an entrepreneur.
Keeping the financial benefits of your hard work would be...
a) an advantage to being an entrepreneur. b) an advantage to working for a corporation. c) an advantage to a sole proprietorship. d) a disadvantage to being an entrepreneur.
Financial accounting produces reports for
a) sole proprietors. b) partners. c) internal users. d) external users
Which statement is true regarding why accounting called the “Universal Language of Business”?
a) In a free enterprise system, people are free to produce the goods and services they choose. b) Information is provided in a way that can be understood by those interested in the operations and financial conditions. c) The free enterprise system influences the responsibility to track profits and losses. d) Financial reports are used to make critical decisions, such as whether to buy stock in another company or to loan money.
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