Bookkeeping Summative Test

It is an organization that tries for a profit by providing goods and services needed by its customers.

• business

• accounting

• bookkeeping

These are material items such as food, clothing, gadgets, and appliances that are being sold to satisfy human needs.

• service

• good or products

• business

These are valuable actions, deeds or efforts performed to satisfy a need or fulfill demand and in return for payment or money.

• service

• goods or products

• business

It is a business owned by only one person. It is easy to set -up and is the least costly among all forms of ownership.

• corporation

• partnership

• sole proprietorship

A business organization owned by a group of individuals and is operated for their mutual benefit. The persons making up the group are called members.

• corporation

• cooperative

• partnership

Is a type of business owned by two or more persons who contribute resources to the entity.

• cooperative

• partnership

• sole proprietorship

A business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.

• corporation

• partnership

• sole proprietorship

A type of business provides intangible products (products with no physical form). Professional skills, expertise, advice, and other similar products.

• manufacturing

• merchandising

• service business

This type of business buys products with the intention of using them as materials in making a new product. It's a transformation of the products purchased.

• manufacturing

• merchandising

• service business

This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make a profit by selling the products at prices higher than their purchase costs.

• manufacturing

• merchandising

• service business