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Small bizz

Vocab 5 part 2

QuestionAnswer
Liabilities The debts owed by the business
Long-term liabilities Financial obligations that will take the business more than one year to repay.
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.
Net sales The amount of money left after all costs and expenses have been deducted.
Net worth The monetary value of the business; assets minus liabilities.
Notes payable Amounts owed for small loans.
Patent A legal document that gives an inventor the sole right to produce, use, and sell an invention.
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.
A schedule or statement showing how and when the debt of a business is to be repaid. Wages owed to employees.
Sales forecast An estimate of sales for a specified period.
Sales quota A goal assigned to a sales person for a specified period.
A goal assigned to a sales person for a specified period. A goal assigned to a sales person for a specified period.
Supplies Assets that are used up in business operations.
Taxes Federal, state, and local assessments that are owed to the government.
Trademark A name, symbol, or special mark that, when registered, can be used only by a certain business.
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.
Created by: 12259623
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