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Business Math Ch. 13

Vocabulary

QuestionAnswer
The dollar amount of goods sold that were later returned for refunds or for which credit was given because of damage; a decrease in sales. Sales Returns and Allowances
Legally insolvent and unable to pay debts. Bankrupt
Companies net income to capital. Return on Equity
Found by dividing the long term liabilities of a firm by the firm's capital. Helps measure the amount of financial risk of a business. Debt to Equity Ratio
Debts of a business. Liabilities
Things of value owned by a person or business. Assets
A statement showing the assets, liabilities, and capital of a person or business for a certain date. Balance Sheet
Compares current assets to current liabilities. Current Ratio
A business owned by two or more persons that is not a corporation or other forms of business. Partnership
The number of times per period that a store replaces, or turns over, it's average stock of merchandise. Merchandise Turnover Rate
The comparison of net income to net sales. Net Profit Margin
The comparison of gross profit to net sales. Gross Profit Margin
When operating expenses are greater than gross profit; net loss equals operating expenses less gross profit. Net Loss
The amount left after subtracting operating expenses from gross profit; net profit. Net Income
The difference between the net sales and the cost of goods sold. Gross Profit
Shows how much money has been earned and spend during a period of time. Income Statement
The owner's share of the business. Capital
The amount paid by the seller for the goods sold. Cost of Goods Sold (COGS)
Created by: acopper
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