Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
The three types of a business Correct answer-Service Business
Merchandising Business
Manufacturing Business
Business Correct answer-An organization that sells goods or services to customers
The four business forms Correct answer-Proprietorship
Partnership
Corporation
Limited Liability Company
Proprietorship Correct answer-Owned by one individual
Partnership Correct answer-Owned by more than one individual or entity (partners)
Corporation Correct answer-Owned by more than one individual or entity (stockholders)
Limited Liability Company Correct answer-owned by more than one individual or entity
(members)
, Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
Equation for Net Income Correct answer-Revenues - Expenses
Revenue Correct answer-amount the business earned this period
Expenses Correct answer-costs the business incurred this period in earning revenue
Low-cost emphasis Correct answer-high volume to make a profit
acceptable quality at low cost
Premium-price emphasis Correct answer-don't need high volume to make profit
unique qualities at a premium price
Stakeholder Correct answer-Entities with an interest in a business
Capital market stakeholder Correct answer-Lenders/creditors
Owners/stockholders
Product/Service Market stakeholder Correct answer-Suppliers and customers
Answers 100% Verified
The three types of a business Correct answer-Service Business
Merchandising Business
Manufacturing Business
Business Correct answer-An organization that sells goods or services to customers
The four business forms Correct answer-Proprietorship
Partnership
Corporation
Limited Liability Company
Proprietorship Correct answer-Owned by one individual
Partnership Correct answer-Owned by more than one individual or entity (partners)
Corporation Correct answer-Owned by more than one individual or entity (stockholders)
Limited Liability Company Correct answer-owned by more than one individual or entity
(members)
, Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
Equation for Net Income Correct answer-Revenues - Expenses
Revenue Correct answer-amount the business earned this period
Expenses Correct answer-costs the business incurred this period in earning revenue
Low-cost emphasis Correct answer-high volume to make a profit
acceptable quality at low cost
Premium-price emphasis Correct answer-don't need high volume to make profit
unique qualities at a premium price
Stakeholder Correct answer-Entities with an interest in a business
Capital market stakeholder Correct answer-Lenders/creditors
Owners/stockholders
Product/Service Market stakeholder Correct answer-Suppliers and customers
