1) The established system of keeping track of economic resources such as money, buildings, equipment, and products a) Accounting b) Financial Statements c) Stakeholder 2) Anyone who can be affected by an organization's actions, including managers, employees, customers, vendors, creditors, owners, and even the general public. a) Accounting b) Stakeholder c) Taxonomy 3) A categorized list of terms that is related to a particular topic. a) GAAP b) Accounting c) Taxonomy 4) A report that tells a story about economic resources coming in and going out of a business. a) Financial Statement b) Taxonomy c) GAAP 5) The language of business is another definition for a) Accounting b) GAAP c) Taxonomy 6) The particular ways a business can be set up legally. These include sole proprietorship, partnership, corporation, and limited liability company (LLC). a) business forms (also called business structures) b) financial statements c) business types 7) The industries in which businesses operate. These include manufacturing, merchandising, and service. a) Business forms b) Business types c) Financial Statements 8) A business that is separate and apart from any other business or person. One or more people may own a corporation. The owners are protected from personal liability. a) LLC b) Partnership c) Coorporation 9) A distinct thing such as a company, a firm, or a business a) Entity b) LLC c) Partnership 10) A business form that combines the limited personal liability of a corporation with the tax benefits of a partnership or a sole proprietorship. a) Partnership b) limited liability company (LLC) c) Coorporation 11) A company that produces goods. Usually manufacturers produce wholesale goods to sell to retailers (or merchandisers) who then sell the goods to the public for a markup. a) manufacturing company b) merchandising company c) service company 12) A company that sells ready-made products purchased from a manufacturer to its customers. a) service company b) manufacturing company c) merchandising company 13) A business that is owned by two or more people. The owners have personal liability for the actions of the company. a) Partnership b) Coorporation c) limited liability company (LLC) 14) A company that sells a service rather than a tangible product to its customers. a) manufacturing company b) service Company c) merchandising company 15) A business that is owned by one person or a married couple. The owner has personal liability for the company a) Sole proprietorship b) Partnership c) limited liability company (LLC)

Accounting Vocabulary basic

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