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Unit 4: Financial Management

Items of value owned by a business Assets
A financial statement that lists what a business owns, what it owes, and how much it is worth at a particular point in time Balance sheet
Volume of sales that must be made to cover all the expenses of a business Break-even point
An accounting report that describes the cash that flows in and out of a business Cash flow statement
A book in which one records the dates, amounts, and names of people to whom checks have been written Check register
Property the borrower forfeits if he or she defaults on a loan Collateral
The cost of the inventory a business sells during a particular period Cost of goods sold
Money loaned to a business with the understanding that the money will be repaid, with interest, in a certain time period Debt capital
Money invested in a business in return for a share in the business's profits Equity capital
Fees that must be paid regardless of how much of a good or service is produced Fixed costs
Used to record any kind of transaction General journal
Used to post items that are recorded in journals; ledgers separate transactions by account, allowing business General ledger
Profit before operating expenses are deducted Gross profit
The dollar amount of all sales, including returns Gross sales
A financial statement that shows a business's revenue, expense, and profit over a period of time, usually a year Income statement
An amount charged for borrowing money Interest
The stock of goods a business has for sale Inventory
Accounting records of the business transactions made Journals
Money owed to others Liability
A measurement of the advantages of producing one additional unit of a good or service Marginal Benefit
An amount deducted from the retail price to determine the sales price Markdown
An amount added to the cost to determine the sales price Mark-up
The amount remaining after costs of goods sold and operating expenses are subtracted from sales Net profit before taxes
The dollar amount of all sales after returns have been subtracted Net sales
The expenses necessary to operate a business Operating expenses
The difference between assets and liabilities Owner's equity
Involves taking a physical inventory of the merchandise Periodic inventory method
Keeps track of inverntory levels on a daily basis, using stock cards or a computer Perpetual inventory method
Amount of money borrowed in a loan Principle
The percent that is the basis for interest earned or paid Rate of interest
A predetermined level of inventory when new stock must be purchase Reorder point
The dollar value of the goods and services a business gives to customers over a certain period of time Sales
Number of years for which a loan is extended Term
Costs that go up and down depending on the quantity of the good or service produced Variable costs
Individuals or companies that make a profit investing in startup companies Venture capitalists
Created by: myawn01



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