# Unit 1

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1. Keeping money records is called
Accounting or bookkeeping
2. The arithmetic process of combining number to reach a total
3. The numbers combined in addition are called
4. The total number in addition is called
Sum
5. What do you do when you keep all your decimals point in an addition problem
Keep them aligned
6. The two records that can help families and individuals avoid financial problems
Cash receipt Records and cash payment records
7. In your cash record if you have more payments than receipt it is called
Deficit
8. In subtraction what is the number that is being decreased
Minuend
9. In subtraction what is the amount of reduction called
Subtrahend
10. In subtraction what is the remaining amount called
Difference
11. Is the money or property that has any worth to your business
Asset
12. In multiplication what is the number at the top called
Multiplicand or factor
13. In multiplication what is the number at the bottom called
Multipler or factor
14. In multiplication what is the answer called
Product
15. Multiplicand and multiplier are called
Factors
16. The amount you owe the department store is called
Liability
Accounts payable
18. The business or person to whom you are liable is the
Creditor
19. The amount of money invested (assets) minus the business liabilities
Capital
20. Can best describe the capitals relationship to each other
21. Is a statement of finachial condition which shows the busniess’s assets, liabilities and capital
Balance sheet
Income
23. The amount the business paid for merchandise for sale
Cost of goods
24. Utilities, employee wages, insurance, property taxes, office supplies, and any other expense incuured by the business
Operating expenses
25. Your income from sales less any sales returns or allowances made
Net sales
26. If your expenses are less than the gross profit you have
Net profit
27. If your expenses are more than your gross profit its called
Net loss
28. A business that is separate from the owners and employees
Corporation
29. listing the income, the cost  of goods sold and the expenses of a business
income statement
30. What is assets, liabilities, capital, income cost of good, and expenses used in
Bookkeeping
31. Is a book of ruled paper with columns in which to enter the dollar amounts of any business transaction
Journal
32. For every financial transaction in a business there are two entries –a debit and credit
A double-entry bookkeeping system
33. Is a dollar amount that is recorded in the left column
Debit entry
34. Is a dollar amount that is recorded in the right column
Credit
35. What are the tree thing that go under debit
Assets, cost of goods sold, expenses
36. What are the three thing that go under credit
Liabilities, capital, income
37. used to help organize all general journal entries into categories according to their account
general ledger
38. When categorizin accounts and assinginging numers you are compiling
chart of accounts
39. just as  there are speacial journal ther are what that accounts recivable and acconts payable ledge
subsibdiary
 Author: Godsgirls ID: 167000 Card Set: Unit 1 Updated: 2012-09-06T17:50:39Z Folders: Description: Stewardship Show Answers: