An Entrepreneur

question 91

Multiple Choice

An entrepreneur:

• A)always makes a profit.
• B)generally avoids risky situations.
• C)claims the profit after other resource suppliers are compensated.
• D)is a parasite that benefits by not paying other resources for their services.
• E)is the manager who runs an enterprise and keeps the customers happy.

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Definitions:

Entries

Refers to individual records of financial transactions in accounting, documented in journals and ledgers.

Check

A written, dated, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.

Salaries

Regular payments made to employees for their labor or service, typically expressed as an annual amount but often paid on a monthly or bi-weekly basis.

Adjusting Journal Entry

An accounting record entered at the closing of a financial period to distribute profits and losses to the correct period.