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Unit 4 vocab

Unit 4 Managment vocab

TermDefinition
Assets Items of value owned by a business.
Balance sheet a financial statement that lists what a business own, what it owes, and how much it is worth at a particular point in time.
Break-even point volume of sales that must be made to cover all the expenses of a business.
cash flow statement an accounting report that describes the cash that flows in and out of a business.
Check register a book in which one records the dates, amounts, and the names of people to whom check have been written.
Collateral property the owner forfeits if he or she defaults on a loan.
cost of goods sold the cost of the inventory a business sells during a particular period.
Debt capital money loaned to a business with the understanding that the money will be repaid, with interest, in a certain time period.
equity capital money invested in a business in return for a share of the business's profits.
fixed costs fees that must be paid regardless of how much of a good or service is produced.
general journal used to record any kind of transaction.
General ledger used to post items that are recorded in journals; ledgers separate transactions by account, allowing business.
Gross profit profit before operating expenses are deducted.
Gross sales the dollar amount of all sales, including returns.
Income Statement a financial statement that shows a business's revenue,expense, and profit over a period of time, usually a year.
Interest an amount charged for borrowing money
inventory the stock of goods a business has for sale.
Journals accounting record of the business transactions made.
Liability money owed to others.
Marginal Benefit a measurement of the advantages of producing one additional unit of a good or service.
Markdown an amount deducted from the retail price to determine the sales price.
Mark-up an amount added to the cost to determine the sales price.
Net profit before taxes the amount remaining after costs of goods sold and operating expense are subtracted from sales
Net sales the dollar amount of all sales after returns have been subtracted.
operating expenses the expenses necessary to operate a business.
owner's equity the difference between assets and liability
periodic inventory method involves taking a physical inventory of the merchandise.
Perpetual inventory method keeps track of inventory levels on a daily basis, using stock cards or a computer.
Principle amount of money borrowed in a loan.
rate of interest the percent that is the basis for interest earned or paid.
reorder point a predetermined level of inventory when new stock must be purchased
sales the dollar value of the goods and service a business gives to customers over a certain period of time.
term number of years of which a loan is extended.
variable costs costs that go up and down depending on the quantity of the good or service produced.
venture capitalists individuals or companies that make a profit investing in startup companies.
Created by: jmacy01
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