ACCOUNTING 200 EXAM 1 UTK QUESTIONS AND ANSWERS 2026

ACCOUNTING 200 LATEST
EXAM 1 UTK
The four business forms - ANSWERS-Proprietorship
Partnership
Corporation
Limited Liability Company


The three types of a business - ANSWERS-Service Business
Merchandising Business
Manufacturing Business


Business - ANSWERS-An organization that sells goods or services to
customers




Proprietorship - ANSWERS-Owned by one individual


Partnership - ANSWERS-Owned by more than one individual or entity
(partners)




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, ACCOUNTING 200 LATEST
EXAM 1 UTK
Corporation - ANSWERS-Owned by more than one individual or entity
(stockholders)


Limited Liability Company - ANSWERS-owned by more than one
individual or entity (members)


Equation for Net Income - ANSWERS-Revenues - Expenses


Revenue - ANSWERS-amount the business earned this period


Expenses - ANSWERS-costs the business incurred this period in earning
revenue


Low-cost emphasis - ANSWERS-high volume to make a profit
acceptable quality at low cost


Premium-price emphasis - ANSWERS-don't need high volume to make
profit
unique qualities at a premium price


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