1. 3 types of Businesses
    Service, Merchandising/retail,Manufactoring
  2. Forms of business
    Proprietorship, Partnership,corporation, limited liability company
  3. Proprietorship
    owned by one
  4. partnership
    owned by 2 or more
  5. corporation
    organized under state or federal statues
  6. LLC
    combines attributes of a partnership and a corporation
  7. Business stakeholder
    person or entity with an interest in the economic performance and well being of a company.
  8. Financing activites
    to obtain the necessary funds to organize and operate the company
  9. Investing activites
    to obtain assets such as buildings and equipment to begin and operate the company
  10. Operating activites
    To earn revenues and profits
  11. Liability
    legal obligation to repay the amount borrowed according to the terms of the borrowing agreement.
  12. Account payble
    When a compay borrows from a vendor or supplier
  13. Bonds payable
    Bond obligations, borrowing of money over a period of time
  14. Interest payable
    Interest that is due for borrowed money
  15. Common stock
    The basic type of stock issued to owners
  16. Capital stock
    refers to all the types of stock a corporation may issue.
  17. Assets
    The resources owned by a corporation.
  18. Dividends
    Distributions of earnings to stockholders
  19. Tangible assets
    Physical characteristics in a resource owned by a corporation
  20. Intangible Assets
    Non physical characteristics for example a patent.
  21. Prepaid expenses
    Assest paid for before being consumed.
  22. Accounting recievable
    Rights to payments from customers who purchase merchandise or services on credit
Card Set