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Unit 05
| Question | Answer |
|---|---|
| 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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