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S.B. unit 05

unit 05 vocab

QuestionAnswer
Accounts payable Expenses that have been incurred but not yet paid
Accounts recievable Sales that have been made but not collected
Assets Items of value owned by the business
Balance sheet A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time
Break-even point The point at which the money from product sales equals the costs of making and distributing the product
Cash flow statement A financial statement that shows the flow of money in and out of the business
Copyright Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work
Cost of goods sold The dollar amount a company pays to purchase a product for resale
Current assets Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year
Current liabilities Finanical obligations that will be repaid within one year
Current ratio The comparision of current assets with current liabilities
Economic outlook Trends associated with the economy that can impact your business's sales
Expenses All costs associated with running a business except for the cost of goods sold
Fixed assets Items of monetary value that are not esaily converted into cash
Fixed expenses Business expenses that do not change month-to-month, but rather remain the same for a period of time
Goodwill Customers' approval and support of a business
Gross profit of sales Net sales minus the cost of goods sold
Gross sales The dollar amount of all sales, usually within a one-year period
Income statement A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year
Income taxes payable Monies due to the government
Intangible assets Items of value that the business owns that cannot be seen or touched
Inventory The quantities of goods and materials on hand
Liabilities The debts owed by the business
Long-term liabilities Financial obligations that will take the business more than one year to repay
Market share The percentage of a product/service that is sold in the total market for that product/service
Mortgage A loan for purchasing a buidling and or land
Net income The amount of money left after all costs and expenses have been deducted
Net sales Gross sales minus returned goods
Net worth The monetary value of the business; assets minus liabilities
Notes payable Amounts owed for small loans
Patent A legal document that gives an inventor the sole right to produce, use and sell an invention
Product positioning Placing a product in a certain market to get a desired customer response
Repayment plan A schedule or statement showing how and when the debt of a business is to be repaid
Salaries payable Wages owed to employees
Sales forecast An estimaate of sales for a specified period
Sales quota A goal assigned to a sales person for a specified period
Sales ratio An expression of any component of the income statement as a percentage of total sales
Supplies Assets that are used up in business operations
Taxes Federal, state, and local assessments that are owed to the government
Trademark A name, symbol, or special mark that, when registered, can be used only by a certain business
Variable expenses Business expenses that may change from month to month
Created by: 375princess on 2011-10-18



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