| A | B |
|---|
| Profit-making business | produces goods, sells goods, or sells services |
| Sole Proprietorship | owned by one person |
| Partnership | owned by two or more persons |
| Corporation | owned by one or more persons, and is operated under a government charter |
| Economic Resources | scarce items which require effort to produce and for which a price must be paid |
| Creditor | a person or business to whom money or goods are owed; one to whom a debt is owed |
| Credit | the ability to buy or borrow upon a promise to pay at a later date |
| Debt | a sum of money owed by one person to another, payable either on demand or at some fixed or determinable future time |
| Debtor | a person or business who owes money or goods |
| Small Claims Court | an inexpensive, informal place for settling small disputes |
| Owner Investment | results in claim of owner against economic resources |
| GAAPs | broad rules or guidelines for preparing financial statements |
| Entity Concept | views the business as being separate, distinct, and apart from its owners |
