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Financial Terms

Business Administrator

TermDefinition
Fixed Asset An item that is purchased by your organisation for use in its operations
Gross Profit The profits made by a business before overheads and other fixed costs
Net Profit The total profit made by the business after overheads and other fixed costs have been deducted, but before any dividends and tax payments have been made
Revenue The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organisation before any costs or expenses are deducted
Invoice A list of goods sent or services provided, with a statement of the sum due for these; a bill.
P&L Profit & loss - it allows you to see whether over a period of time the business/department is making a profit or loss.
Variance The unexpected deviation of actual results from those budgeted or expected
Budget A plan of action expressed in quantitative monetary terms, i.e. a statement of how much money you will allocate to different items or activities that you or your team will undertake
Balance Sheet A statement of financial status at a given point in time
Created by: melanie.markwell
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