Module 1.1

Question 1

Owners/Equity Holders

Answer 1

Receive what is left over after everyone else is paid.

Question 2

Donors

Answer 2

Give money to not-for-profit enterprises like charities.

Question 3

Citizens

Answer 3

Pay taxes to support government.

Question 4

Lenders, Creditors, Debt Holders

Answer 4

Lend money in hopes of being repaid, often with interest.

Question 5

Executives

Answer 5

Make high-level decisions about how the enterprise will operate.

Question 6

Managers

Answer 6

Lead teams and carryout initiatives for some or part of the enterprise.

Question 7

Workers

Answer 7

Do what their managers ask them to.

Question 8

Customers

Answer 8

Give money in exchange for products and services.

Question 9

Suppliers

Answer 9

Give goods and services in exchange for money.

Question 10

Enterprise

Answer 10

Any organization that might issue financial statements, whether for profit, not for profit, or governmental purposes, and whether organized as a corporation, partnership, sole proprietorship, or other structure

Question 11

Accounting entity

Answer 11

An imaginary boundary that separates an enterprise’s rights and promises from those of every other enterprise

Question 12

Stuff

Answer 12

The assets of an enterprise reflected in its accounting entity

Question 13

Claims

Answer 13

Declarations on an enterprise’s assets, mostly by lenders and owners, as reflected in its accounting entity