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FBLA Accounting 1 (Updated 2024) | 157 Actual Questions and Answers 100% Correct
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FBLA Accounting 1 (Updated 2024) | 157 Actual Questions and Answers 100% Correct
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FBLA Accounting 1 (Updated 2024) | 157Actual Questions and Answers 100% Correct
Return on investment - -The ration of the money earned on investment
relative to the amount of the investment.
-Real property - -Land and anything attached to the land.
-Personal property - -All property not classified as real property.
-Assessed value - -The value of an asset determined by tax authorities for
the purpose of calculating taxes.
-Plant asset record - -An accounting form on which a business records
information about each plant asset.
-Gain - -An increase in equity resulting from activity other than selling
goods or services.
-Gain on plant assets - -An increase in equity that results when a plant asset
is sold for more than book value.
-Loss - -A decrease in equity resulting from activity other than selling goods
or services.
-Loss on plant assets - -The decrease in equity that results when a plant
asset is sold for less than book value.
-Accelerated depreciation - -Any method of depreciation which records
greater depreciation expense in the early years and less depreciation
expense in the later years.
-Declining-balance method of depreciation - -A type of accelerated
depreciation that multiplies the book value of an asset by a constant
depreciation rate to determine annual depreciation.
-Double-declining balance method of depreciation - -A declining-balance
rate that is two times the straight-line rate.
-Intangible asset - -An asset that does not have physical substance.
-Amortization - -The spreading of the cost of an intangible asset over its
useful life.
-real property - -land and anything attached to the land
, -personal property - -all property not classified as real property
-assessed value - -The value of an asset determined by tax authorities for
the purpose of calculating taxes
-plant asset record - -An accounting form on which a business records
information about each plant asset.
-gain on plant assets - -Revenue that results when a plant asset is sold for
more than book value.
-loss on plant assets - -The loss that results when a plant asset is sold for
less than book value.
-payroll - -list of a business's employees and the payment due to each
employee for a specific pay period
-pay period - -amount of time for which an employee is paid
-payroll clerk - -a person who is responsible for preparing the payroll
-gross earnings - -total amount of money earned by an employee in a pay
period
-salary - -fixed amount of money paid to an employee for each pay period
-wage - -amount of money paid to an employee at a specificed rate per
hour worked
-time card - -record of the time an employee arrives at work each time, the
time the employee leaves, and the total number of hours worked each day
-electronic badge readers - -computer technology where each employee's
time card has a magnetic strip on which is encoded certain employee
information
-piece rate - -amount paid for each piece produced in a factory or
manufacturing plant
-commission - -amount paid to an employee based on a percentage of the
employee's salary
-overtime rate - -set by the Fair Labor Standards Act, is 1 and 1/2 times the
employee's regular rate
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