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S.B. unit 05
unit 05 vocab
| Question | Answer |
|---|---|
| Accounts payable | Expenses that have been incurred but not yet paid |
| Accounts recievable | Sales that have been made but not collected |
| Assets | Items of value owned by the business |
| 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 |
| Break-even point | The point at which the money from product sales equals the costs of making and distributing the product |
| 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 |
| 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 |
| Current liabilities | Finanical obligations that will be repaid within one year |
| Current ratio | The comparision 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 |
| Fixed assets | Items of monetary value that are not esaily converted into cash |
| Fixed expenses | Business expenses that do not change month-to-month, but rather remain the same for a period of time |
| Goodwill | Customers' approval and support of a business |
| Gross profit of sales | Net sales minus the cost of goods sold |
| Gross sales | The dollar amount of all sales, usually within a one-year period |
| Income statement | A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year |
| Income taxes payable | Monies due to the government |
| Intangible assets | Items of value that the business owns that cannot be seen or touched |
| Inventory | The quantities of goods and materials on hand |
| 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 buidling and or land |
| Net income | The amount of money left after all costs and expenses have been deducted |
| Net sales | Gross sales minus returned goods |
| 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 |
| Salaries payable | Wages owed to employees |
| Sales forecast | An estimaate of sales for a specified period |
| Sales quota | A goal assigned to a sales person for a specified period |
| Sales ratio | An expression of any component of the income statement as a percentage of total sales |
| 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 |
| Variable expenses | Business expenses that may change from month to month |
Created by:
375princess
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