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5 cards from this section. Quick, good the night before a test.
Define the term 'transaction'.
Think about the exchange of money for goods or services.
What is capital?
Consider where a business gets its starting funds.
What is a transaction?
Think about what constitutes a financial activity.
True or False: Capital refers to the money a business owes.
Consider the difference between ownership and debt.
A company has total revenue of $25,000 and total expenses of $20,000. Calculate the profit and explain the significance of this profit in a business context.
Subtract total expenses from total revenue.
If a business has $50,000 in assets and $30,000 in liabilities, discuss what this means for the business's financial health.
Think about how we evaluate assets versus liabilities.
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