| A | B |
|---|
| skills | activities that u do well |
| value | principles that u live by & beliefs that r important to u |
| lifestyle | way u use ur time,enery, resources |
| networking | making contacts w/people 2 share info/advice |
| for profit business | operates to make $ for owners |
| non-profit | operates for good cause |
| audit | review of company's accounting system |
| free enterprise system | people are free to produce the goods & profits they choose |
| enterpreneur | person who transforms ideas for a product or service |
| capital | money that owner/bank/investors supply |
| merchandising business | buy finished products & resells them |
| manufacturing business | buys new materials/user labor/nmachinery to change raw profuct into a finished product |
| sole proprietorship | one owner |
| partnership | two or more owners |
| corporation | must operate by a charter granted by the state and is owned by its stockholders |
| accouting systems | collect documents & report on financial transactions affecting a business |
| GAAP | generally accepted accounting principles |
| fianncial reports | summarized information about the financial status of a business |
| profit | revenue exceeds expenses |
| loss | expenses exceed revenues |
| Service business | provides a service such as a law firm |
| financial reports | summarized information about the financial staus of a business |
| management accounting | accounting for internal managers. |
| going concern | a business that has been operating and surviving |
