A Business Transaction Is an Exchange Between the QuickBooks Company

question 13

Multiple Choice

A business transaction is an exchange between the QuickBooks company and:

• A)Vendor
• B)Employee
• C)Customer
• D)All of the choices are correct

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Definitions:

Excess Reserves

The amount of reserves that a bank holds beyond the required minimum set by the central bank or regulatory authority.

Liquidity

Money or things that can be quickly and easily converted into money with little or no loss of value.

Profits

The financial gain that is achieved when the amount of revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Interest Rates

The cost of borrowing money, typically expressed as a percentage of the principle.