"Harvest" Does Not Mean

question 6

Multiple Choice

"Harvest" does not mean

• A)family members agree about the business.
• B)that any profits will be reaped.
• C)that the firm continues to exist.
• D)the challenges and responsibilities of the entrepreneur are over.

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Definitions:

End-of-period Spreadsheet

A tool used for accounting that summarizes all accounts and balances at the end of a period to prepare financial statements.

Balance Sheet Columns

The sections in a balance sheet that categorize and display a company's assets, liabilities, and shareholders' equity at a specific point in time.

Net Income

The complete income of a company once all costs and taxes are subtracted from its total revenue.

Net Loss

The result when a company's total expenses exceed its total revenues during an accounting period, indicating a decrease in owner's equity.