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vocab 5 1 of 2

QuestionAnswer
Expenses that have been incurred but not yet paid. Accounts payable
Sales that have been made but not collected Accounts receivable
Items of value owned by the business Assets
A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time Balance sheet
The point at which the money from product sales equals the costs of making and distributing the product Break-even point
A financial statement that shows the flow of money in and out of the business. Cash flow statement
Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work. Copyright
The dollar amount a company pays to purchase a product for resale. Cost of goods sold
: Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year. Current assets
Financial obligations that will be repaid within one year Current liabilities
The comparison of current assets with current liabilities Current ratio
Trends associated with the economy that can impact your business's sales. Economic outlook
All costs associated with running a business except for the cost of goods sold Expenses
Items of monetary value that are not easily converted into cash Fixed assets
Business expenses that do not change month-to-month, but rather remain the same for a period of time. Fixed expenses
Customers' approval and support of a business Goodwill
Net sales minus the cost of goods sold Gross profit on sales
The dollar amount of all sales, usually within a one-year period Gross sales
A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year. Income statement
Monies due to the government Income taxes payable
Items of value that the business owns that cannot be seen or touched Intangible assets
The quantities of goods and materials on hand Inventory
Created by: Amberp18
Popular Business sets

 

 



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