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Vocab 7.2
Entrepreneurship
Question | Answer |
---|---|
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. |