4.8 - Basic Accounting Terms
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Practice Questions
Test your understanding with targeted questions
Define the term 'transaction'.
💡 Hint: Think about the exchange of money for goods or services.
What is capital?
💡 Hint: Consider where a business gets its starting funds.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is a transaction?
💡 Hint: Think about what constitutes a financial activity.
True or False: Capital refers to the money a business owes.
💡 Hint: Consider the difference between ownership and debt.
1 more question available
Challenge Problems
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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.
💡 Hint: 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.
💡 Hint: Think about how we evaluate assets versus liabilities.
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