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Unit 4

Financial Management

TermDefinition
Assets items of value owned by a business
Balance Sheet Lists what a business owns, what it owes, and its worth
Break-Even Point Volume of sales that cover all expenses
Cash flow statement describes the cash that flows in and out of a business
Check register Records dates, amounts, and names of people to whom checks have been written
Collateral property forfeited by the borrower if defaulted on a loan
Cost of goods sold The cost of the inventory sold during a given period
Debt capital money loaned to a business that must be repaid, with interest, in a given period
Equity capital money invested in a business in return for a share in the business' profits
Fixed costs fees that are to be paid regardless of how much a good/service is produced
General journal records any kind of transaction
General ledger posts items that are recorded in journals, separates by account
Gross profit profit before operating expenses are deducted
Gross sales dollar amount of all sales, including returns
Income statement financial statement that shows revenue, expense, and profit over a given time of a business
Interest amount charged for borrowing money
Inventory stock of goods a business has
Journals accounting records of transactions
Liability money owed to others
Marginal benefit measures advantages of producing one additional unit of a good/service
Markdown deducted from the retail price to determine the sales price
Markup added to the cost to determine the sales price
Net profit before taxes what is left after costs of goods sold and operating expenses are deducted
Net Sales dollar amount of all sales after returns are deducted
Operating expenses expenses needed to operate a business
Owner's equity the difference between assets and liabilities
Periodic inventory method taking physical inventory of the merchandise
Perpetual inventory method keeps track of inventory levels on a daily basis
Principle amount of borrowed money in a loan
Rate of interest percent that is basis for interest earned or paid
Reorder point predetermined level of inventory when new stock needs to be purchased
Sales dollar values of goods/services given to customers over a given time
Term number of years a loan is extended
Variable costs costs that go up and down depending on the quantity
Venture capitalists investing in startup companies
Created by: dylandye
 

 



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