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Vocab 7.2

Entrepreneurship

QuestionAnswer
proforma Financial statements Financial statements that forecast expected sales, expenses, profits, and other financial data for a future accounting period.
Start up costs Costs, excluding acquisition costs, incurred to bring a new unit into production. (2) Costs incurred to begin a business
Assets 1.A useful or valuable thing, person, or quality
Depreciation plural 1.A reduction in the value of an asset with the passage of time, due in particular to wear and tear
Liabilities 1.The state of being responsible for something, esp. by law
Operating Expenses the expense of maintaing property
Owner Equity The remainder when an owner’s liability is subtracted from the asset.
Created by: PoppaBear
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