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Finance definitions

match the word to the definition

QuestionAnswer
revenue the value of sales made during a trading period
variable costs costs that change directly with the level of output
fixed costs costs that do not change with the level of output or sales
profit what's left after all costs have been deducted from revenue
gross profit revenue - cost of sales
net profit the bottom line - what a business has left to invest or return to shareholders/owners after all costs and tax has been deducted
operating profit gross profit - operating expenses
non current assets also known as fixed assets - used to operate the business - cannot be easily turned into cash
current assets assets that the business expects to use or sell within the year - can be converted into cash to pay off liabilities
current liabilities payments due within 1 year
non-current liabilities debts that a business does not expect to pay within a year
total equity will always balance with net assets - it represents how a busness has been financed
net current assets current assets - current liabilities
balance sheet a snapshot of the value of the businesses assets and liabilities
net assets total assets - total liabilities = the value of the business
Created by: Elaine Davies
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