Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
The three types of a business Correct answer-Service Business
Merchandising Business
Manufacturing Business
Business Correct answer-An organization that sells goods or services to customers
The four business forms Correct answer-P...
Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
The three types of a business Correct answer-Service Business
Merchandising Business
Manufacturing Business
Business Correct answer-An organization that sells goods or services to customers
The four business forms Correct answer-Proprietorship
Partnership
Corporation
Limited Liability Company
Proprietorship Correct answer-Owned by one individual
Partnership Correct answer-Owned by more than one individual or entity (partners)
Corporation Correct answer-Owned by more than one individual or entity (stockholders)
Limited Liability Company Correct answer-owned by more than one individual or entity
(members)
, Accounting 200 Exam 1 UTK; Questions &
Answers 100% Verified
Equation for Net Income Correct answer-Revenues - Expenses
Revenue Correct answer-amount the business earned this period
Expenses Correct answer-costs the business incurred this period in earning revenue
Low-cost emphasis Correct answer-high volume to make a profit
acceptable quality at low cost
Premium-price emphasis Correct answer-don't need high volume to make profit
unique qualities at a premium price
Stakeholder Correct answer-Entities with an interest in a business
Capital market stakeholder Correct answer-Lenders/creditors
Owners/stockholders
Product/Service Market stakeholder Correct answer-Suppliers and customers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GOLDTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
