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SBModule6

Financial Planning

QuestionAnswer
Balance sheet A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time.
Assets Items of value owned by the business.
Current assets Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year.
Inventory The quantities of goods and materials on hand.
Supplies Assets that are used up in business operations.
Accounts receivable Sales that have been made but not collected.
Fixed assets Items of monetary value that are not easily converted into cash.
Intangible assets Items of value that the business owns that cannot be seen or touched
Copyright Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work. Copyrights remain in effect for 70 years after the death of the author.
Patent A legal document that gives an inventor the sole right to produce, use, and sell an invention. A patent lasts for 20 years.
Trademark A name, symbol, or special mark that, when registered, can be used only by a certain business.
Goodwill Customers' approval and support of a business.
Liabilities The debts owed by the business
Current liabilities Financial obligations that will be repaid within one year.
Accounts payable Expenses that have been incurred but not yet paid.
Notes payable Amounts owed for small loans. (Example
Salaries payable Wages owed to employees.
Income taxes payable Monies due to the government.
Long-term liabilities Financial obligations that will take the business more than one year to repay.
Mortgage A loan for purchasing a building and or land.
Notes payable Amounts owed for large loans. (Example
Net worth The monetary value of the business; assets minus liabilities.
Income statement A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year.
Gross sales The dollar amount of all sales, usually within a one-year period.
Net sales Gross sales minus returned goods.
Cost of goods sold The dollar amount a company pays to purchase a product for resale.
Gross profit on sales Net sales minus the cost of goods sold.
Expenses All costs associated with running a business except for the cost of goods sold.
Variable expenses Business expenses that may change from month to month.
Fixed expenses Business expenses that do not change month-to-month, but rather remain the same for a period of time.
Net income The amount of money left after all costs and expenses have been deducted.
Taxes Money owed to the government; calculated on the net income because the net income represents the true profit of the business; listed below the net income and subtracted from the net income to show net income after taxes
Cash flow statement A monthly financial report for internal use that describes the flow of money into and out of the business.
Created by: mrsljohnson