Match the Terms with the Definitions

question 20

Multiple Choice

Match the terms with the definitions.

-An individual,association,or organization that engages in economic activities and controls specific economic resources.

• A) account
• B) accounts payable
• C) accounts receivable
• D) accounting equation
• E) assets
• F) balance sheet
• G) business entity
• H) business entity concept
• I) business transaction
• J) drawing
• K) expenses
• L) income statement
• M) liability
• N) net income
• O) net loss
• P) notes payable
• Q) owner's equity
• R) revenues
• S) statement of owner's equity

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Definitions:

Exempt Activities

Actions or operations by certain organizations that are not subject to taxation due to their nature, usually charitable, educational, or religious.

Social Mission

The purpose or goal of an organization that focuses on creating social value and addressing societal needs rather than generating profits.

Meeting Current Needs

Ensuring the present requirements or demands of a situation, organization, or individual are adequately addressed or fulfilled.

Charity

An organization or activity aimed at providing help and raising money for those in need, often without expecting anything in return.