personal finance lesson 9 study questions

Topics: Balance sheet, Liability, Generally Accepted Accounting Principles Pages: 4 (420 words) Published: December 17, 2013
Lesson 1 (3.0 points)
 
1. What is an angel investor? (0.5 points)

 Investors who give money in exchange for debt or equity

2. What is the difference between startup costs and operating costs? (1.0 points)

 Startup costs are what you need in order to start the company and operating costs are what you need to keep the company going

3. What is cash flow? (0.5 points)

Total money being transferred in and out of a business 

4. How is a company’s gross profit calculated? (0.5 points)  
Gross profit is calculated as the difference between revenues from selling products and services and the cost of goods sold

5. What are a company’s accounts payable? (0.5 points)
 
The money the company owes to other people

Lesson 2 (3.0 points)
 
1. What is an invoice? (0.5 points)

A bill of the debts you owe later
 
2. What is an income statement? (0.5 points)

Financial statement for results of a specific time
 
3. What is the balance sheet equation? (0.5 points)
 
Assets= liabilities + owner’s equity

4. What is a financial ratio? (0.5 points)

Comparing finance between two groups
 
5. What does the following equation represent: Total liabilities ÷ Total assets? (0.5 points)

Debt ratio
 
6. What is cash basis accounting? (0.5 points)
 
Method used to track income and expenses

sorry i dont really know how to make this longer yo.. i just really need to do something ...so ignore the stuff down there

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