This is a Free Service provided by Why Fund Inc. (a 501 C3 NonProfit) We thank you for your donation!

(1. Click on the course Study Set you wish to learn.) (2. If you wish you can click on "Print" and print the test page.) (3. When you want to take a on anyone of the tests for that Study Set.) (4. Click on "Check Answers" and it will score your test and correct your answers.) (5. You can take all the tests as many times as you choose until you get an "A"!) (6. Automated college courses created from lecture notes, class exams, text books, reading materials from many colleges and universities.)


Long-Term Learning

Learn efficiently and remember over time.

Start Long-Term Learning

Get personalized study reminders at intervals optimized for better retention.
Track your progress on this set by creating a folder
Or add to an existing folder

Add this set to a folder

  • accrual method

    accounting method wherein transactions are recorded at the time of occurrence, regardless of the transfer of cash


    a review of financial and business records to ascertain integrity and compliance with standards and laws, particularly by the U.S. Internal Revenue Service

    cash accounting method

    a system wherein transactions are recorded when cash is paid out or received

    cash reserve

    emergency funds and pool of cash resources

    contribution margin

    gross profit per unit - the selling price minus total variable costs plus other variable costs


    the percentage of value of an asset subtracted periodically to reflect the declining value

    fixed costs

    expenses that must be paid regardless of whether sales are being generated

    fixed operating costs

    expenses that do not vary with changes in the volume of production or sales

    inventory costs

    expenses associated with materials and direct labor for production until the product is sold

    net profit

    the remainder of revenues minus fixed and variable costs and taxes

    payback period

    estimated time required to earn sufficient net cash flow to cover the start-up investment


    a model or patten that serves as an example of how a product would look and operate if it were produced

    seed capital (start-up investment)

    the one-time expense of opening a business

    variable costs

    expenses that vary directly with changes in the production or sales volume

    Please allow access to your computer’s microphone to use Voice Recording.

    Having trouble? Click here for help.

    We can’t access your microphone!

    Click the icon above to update your browser permissions above and try again


    Reload the page to try again!


    Press Cmd-0 to reset your zoom

    Press Ctrl-0 to reset your zoom

    It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

    Please upgrade Flash or install Chrome
    to use Voice Recording.

    For more help, see our troubleshooting page.

    Your microphone is muted

    For help fixing this issue, see this FAQ.

    Star this term

    You can study starred terms together

    ! Voice Recording

    This is a Plus feature