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Financial Management

Unit 4: Financial Management

Assets Items of value owned by a business
Balance Sheet A financial statement that lists what a business owns, and how much it is worth at ta 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, amount, and names of people to whom 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 money will be repaid, with interest, in a certain time period.
Equity Capital Money inverted 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 serivces is produced
General Journal Used to record any kin of transaction
General Ledger Used to post items that recorded in journals; ledgers separate transactions by account, allowing business
Gross Profits 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, expenses 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
Margianl Benefit A meusrement of the advantages of producing one additional unit of a good or serives
Markdown An amount deducted form the retail price to determine the sales price
Markup 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 sales after returns have been subtracted
Operating Expenses The expenses necessary to operate a business
Owners's 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 level on a daily basis, using stock cards or a computer
Principle Amount of money borrowed from a loan
Rate of interest The percentage 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 goods and services a business gives to customers over a certain period of timE
Term Number of years for which a load is extended
Variable Costs Costs that go up and down depending on the quantity of the good or services produced
Venture Capitalists Individual or companies that make profit investing in start-up companies
Created by: isai003



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