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Entrepreneurship 4
Unit 4: Financial Management
| Question | Answer |
|---|---|
| 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 she or he 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 ceratin 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 liablilities | Owner's equity |
| involves taking a physical inventory of the merchandise | Periodic Inventory Method |
| keeps track of inventory 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 purchased | 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 profit investing in startup companies | Venture Capitalists |
Created by:
madisonhey
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