For Each of the Following Definitions, Indicate the Key Term

question 34

Essay

For each of the following definitions, indicate the key term from the list that best matches by placing the appropriate terms.
A. Nonexchange transactions
B. Net assets with donor restrictions
C. Collections
D. Variance power
E. Exchange transactions
F. Board-designated net assets
G. Endowment
H. Promise to give
________ 1. Unrestricted net assets that the governing body decides to set aside for specific purposes
________ 2. The unilateral power of an organization to redirect donated assets to a different beneficiary than initially indicated by the donor
________ 3. Net assets for which the donor has indicated use in a future period or for a particular purpose
________ 4. Transactions in which the donor derives no direct tangible benefits
________ 5. Works or art, historical treasures, or similar assets held and protected for public exhibition, and, if sold, proceeds would be used to acquire similar assets

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Definitions:

Sole Proprietorship

A business structure in which a single individual owns and operates the business, bearing sole responsibility for its debts and liabilities.

UPA

Stands for Uniform Partnership Act, which is a set of laws adopted by various states in the United States that governs partnerships.

Article of Partnership

A written agreement that outlines the terms, conditions, and responsibilities of each partner in a partnership.

Partnership Contract

A legal agreement between two or more parties who wish to manage and operate a business together in order to share its profits.