Praxis 5101 - Study guides, Class notes & Summaries

Praxis II 0101 & 5101 Business Education Latest 2023 100% Pass Entrepreneurship the process of starting, organizing, managing, and assuming the responsibility for a business. The foundation of the free market economy. Create diverse product market. Basic Organization Structure function, product, market, customer, location. Division of labor, structure for making decisions. Goal: Maintain efficiency in business. Management Problems. Span of Management - too many immediate subordinates to be eff...

Entrepreneurship the process of starting, organizing, managing, and assuming the responsibility for a business. The foundation of the free market economy. Create diverse product market. Basic Organization Structure function, product, market, customer, location. Division of labor, structure for making decisions. Goal: Maintain efficiency in business. Management Problems. Span of Management - too many immediate subordinates to be effective. Job assignments unclear. Management Structure Fu...

Fundamental Accounting Equation - correct answer States that all assets= liabilities + owners' equity. It is used in double entry accounting and shown in the balance sheet, in which all assets can be added up as the equivalent of the liabilities and shareholders equality. Accounting Cycle - correct answer Describes the steps taken in the accounting process. A six-step procedure that results in the preparation and analysis of the major financial statements. Journals - correct answer Import...

Federal Trade Commission Act 1914 - , established the FTC that would investigate and prevent unfair business practices - encourage competition Sherman Antitrust Act 1890, A law that made it illegal to create monopolies or trusts that restrained free trade Clayton Antitrust Act This act was enacted in 1914, and it reinforces and broadens the provisions of the Sherman Act. Among its prohibitions are certain exclusive contracts, predatory price cutting to eliminate competitors, and inter-related ...

command econony the government controls nearly all aspects of the economy, including prices and production accounting equation for sole proprietorship assets= liabilities +owner's equity emerging markets exist in countries that are in the process of rapidly instruralizing stock split companies do this in order to decrease the price and stimulate trading 2 for 1 split in this type of split, the number of share are doubled but the price is halved treasury bonds least risky investme...

PRAXIS 5101

fixed asset asset that is used to generate profit. It will not be turned into cash within the year. Ex: land, buildings, cars, equipment variable asset asset that is transformed to cash within a year. Includes inventory of the actual product. Can also include accounts receivable. intangible asset asset that is a brand name, logo, trademark, and patents. liquidity refers to how easily an asset can be bought or sold on the market at the same price. equity shows what the owner has contributed i...

First step in the accounting cycle is to attain _______ associated with financial transactions - Source documents Receipts, checks and bank statements - Examples of source documents First place where accounting transactions are recorded - Journal Journal entries are moved to the __________ on a periodic basis - Ledger Journal entries are entered (chronologically or alphabetically) - Chronilogically ALOE (Assets=Liabilities +Owner's Equity) - Basic Accounting Equation Has or produces va...

Praxis 2 Business Education Content Knowledge 5101- Accounting Exam 2023 Fundamental Accounting Equation - ANS-States that all assets= liabilities + owners' equity. It is used in double entry accounting and shown in the balance sheet, in which all assets can be added up as the equivalent of the liabilities and shareholders equality. Accounting Cycle - ANS-Describes the steps taken in the accounting process. A sixstep procedure that results in the preparation and analysis of the major ...