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Unit 05

QuestionAnswer
Accounts payable: Expenses that have been incurred but not yet paid
Sales that have been made but not collected. Accounts receivable
Assets Items of value owned by the business
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
Cash flow statement A financial statement that shows the flow of money in and out of the business.
Copyright Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work.
Cost of goods sold The dollar amount a company pays to purchase a product for resale.
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
Current liabilities Financial obligations that will be repaid within one year
Current ratio The comparison of current assets with current liabilities
Economic outlook Trends associated with the economy that can impact your business's sales.
Expenses All costs associated with running a business except for the cost of goods sold.
Items of monetary value that are not easily converted into cash. Fixed assets
Fixed expenses: Business expenses that do not change month-to-month, but rather remain the same for a period of time.
Customers' approval and support of a business. Goodwill
Gross profit on sales Net sales minus the cost of goods sold
Gross sales The dollar amount of all sales, usually within a one-year period
A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year. Income statement
Income taxes payable : Monies due to the government
Intangible assets Items of value that the business owns that cannot be seen or touched.
The quantities of goods and materials on hand. Inventory:
Liabilities The debts owed by the business.
Financial obligations that will take the business more than one year to repay. Long-term liabilities
Market share The percentage of a product/service that is sold in the total market for that product/service
Mortgage A loan for purchasing a building and or land
Net income The amount of money left after all costs and expenses have been deducted
Gross sales minus returned goods Net sales
The monetary value of the business; assets minus liabilities Net worth
Amounts owed for small loans Notes payable
A legal document that gives an inventor the sole right to produce, use, and sell an invention. Patent
Product positioning Placing a product in a certain market to get a desired customer response.
Repayment plan A schedule or statement showing how and when the debt of a business is to be repaid.
Salaries payable Wages owed to employees
An estimate of sales for a specified period. Sales forecast
Sales quota A goal assigned to a sales person for a specified period.
An expression of any component of the income statement as a percentage of total sales Sales ratio
Supplies Assets that are used up in business operations.
Federal, state, and local assessments that are owed to the government Taxes
Trademark : A name, symbol, or special mark that, when registered, can be used only by a certain business.
Business expenses that may change from month to month. Variable expenses
Created by: D.Smith
 

 



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