Praxis Business Education 5101 Q&A Exam Bundle

Identifying & Analyzing Business Transactions Step one in accounting cycle. Recording in the Journals Step two of accounting cycle. Posting to the ledger Step three of accounting cycle. Unadjusted Trail Balance Step four of accounting cycle. Adjusting Enrties Step five of accounting cycl...

Financial opportunity An opportunity to make money Capital The assets available for use in an investment Income Statement a financial document that shows how much money; revenues; came in and how much money; expenses; was paid out Revenue The total amount of money made in a business over on...

According to research, the competency most needed for success in most business occupations today is A.computer literacy B.communication skills C.records management D.time management B.communication skills Option (B) is correct. Computer literacy, records management, and time management are al...

Which of the following actions by the Federal Reserve System would be most likely to increase consumer spending? Decreasing the discount rate to member banks The total retail market value of all the goods and services produced in a nation, usually stated in annual terms, is the Gross domestic pro...

Contract Law division of law that includes enforceable promises and agreements between two or more persons to do or not to do a particular thing. Consumer Law laws protecting consumers that require businesses to provide accurate information about products and services and to follow safety standar...

Angel investors wealthy individuals who provide start up funding for entrepreneurs; capital provided may be a one time investment or an ongoing supply of money to carry through the difficult early stages Bartering trading what you can do for what you need; exchange of goods or services for other ...

fixed asset asset that is used to generate profit. It will not be turned into cash within the year. Ex: land, buildings, cars, equipment variable asset asset that is transformed to cash within a year. Includes inventory of the actual product. Can also include accounts receivable. intangible as...

According to research, the competency most needed for success in most business occupations today is... Option (B), communication skills, is correct. Computer literacy, records management, and time management are all skills that can be taught and improved by a business. Communication skills are the o...

Entrepreneurship the process of starting, organizing, managing, and assuming the responsibility for a business. The foundation of the free market economy. Create diverse product market. Basic Organization Structure function, product, market, customer, location. Division of labor, structure for ma...

Assets Something valuable that an entity owns, benefits from, or has use of, in generating income. Different types of assets Fixed, variable, intangible, tangible examples of fixed assets Tangible assets used to generate profit and will not be turned into cash within the year: "plant," land,...

incubator An established business that provides resources, such as money, technology, office space, or marketing, in exchange for equity ownership in a new business The first step in the Accounting Cycle Examine source documents Materiality Principle The measure of importance of a misstatement...

Federal Trade Commission Act 1914 - , established the FTC that would investigate and prevent unfair business practices - encourage competition Sherman Antitrust Act 1890, A law that made it illegal to create monopolies or trusts that restrained free trade Clayton Antitrust Act This act was enacted...