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Unit 4

TermDefinition
Assets items of value owned by a business
Balance Sheet A financial statement that lists what a business owns, 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 names of people to whom the checks have been written
Collateral property the borrower 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 in 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 records 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 expenses 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
Owners equity the difference between assets and liabilities
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 a new stock must be purchased
Sales the dollar value of the goods and services a business gives to customers over a certain period of time
Term number of years for 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: DylanW52