| Term | Definition |
|---|
| personality | the set of unique qualities that makes that person different from all other people. |
| values | the principles a person lives by and the beliefs that are important to the person. |
| skills | abilities, such as the ability to think creatively or to make decisions. |
| merchandising business | a business that buys finished products and resells them to individuals or other businesses. |
| profit | the amount of money earned by a business over and above the amount of money spent to keep a business operating. |
| partnership | a business owned and operated by two or more persons. |
| for-profit business | a business that operates to earn money for its owners. |
| accounting period | the period of time covered by an accounting report. |
| career | is work that is built on a foundation of interest,knowledge, training, and experience. |
| capital | is money invested in a business by its owner or owners or the money provided by banks or investors. |
| networking | the sharing of information and advice |
| management accounting | is concerned with preparing information for internal users. |
| accounting system | although each business sets this up to meet its specific needs, all businesses follow the same basic accounting rules and procedures. |
| manufacturing business | a business that buys raw materials and transforms them into finished products. |
| public accounting | a firm that provides accounting services to clients such as corporations and individuals. |
| lifestyle | refers to the way a person uses her or his time, energy,and resources. |
| not-for-profit organization | operates for some reason other than to earn money for its owners. |
| GAAP | the rules accountants follow when recording and reporting accounting information. |
| going concern | when it is assumed that a business will continue to operate into the future the business. |
| business entity | when a business's records and holdings are kept separate from its owner's personal holdings, the accounting assumption of______ is being followed. |
| financial accounting | is concerned with preparing reports for external users such as investors or creditors. |
| financial reports | They summarize information about the financial status of a business. |
| sole proprietorship | a business with a single owner. |
| free enterprise system | people are free to produce the goods and services they choose. |
| corporation | when a business organization is recognized by law to have a life of its own |
| personal interest tests | these can help you identify personal preferences that will have an impact on how satisfied you will be in a career choice. |
| charter | is the legal document giving a business the right to operate as a corporation. |
| service business | A business operating to provide a needed service for a fee. |
| loss | what a business will experience if it spends more than it earns. |
| entrepreneur | is an individual who organizes a business and is willing to accept the risks involved in operating it. |
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