unit 05 vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Accounts payable | Expenses that have been incurred but not yet paid
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| Accounts recievable | Sales that have been made but not collected
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| Assets | Items of value owned by the business
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| 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
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| Break-even point | The point at which the money from product sales equals the costs of making and distributing the product
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| Cash flow statement | A financial statement that shows the flow of money in and out of the business
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| Copyright | Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work
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| Cost of goods sold | The dollar amount a company pays to purchase a product for resale
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| 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
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| Current liabilities | Finanical obligations that will be repaid within one year
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| Current ratio | The comparision of current assets with current liabilities
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| Economic outlook | Trends associated with the economy that can impact your business's sales
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| Expenses | All costs associated with running a business except for the cost of goods sold
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| Fixed assets | Items of monetary value that are not esaily converted into cash
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| Fixed expenses | Business expenses that do not change month-to-month, but rather remain the same for a period of time
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| Goodwill | Customers' approval and support of a business
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| Gross profit of sales | Net sales minus the cost of goods sold
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| Gross sales | The dollar amount of all sales, usually within a one-year period
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| Income statement | A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year
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| Income taxes payable | Monies due to the government
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| Intangible assets | Items of value that the business owns that cannot be seen or touched
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| Inventory | The quantities of goods and materials on hand
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| Liabilities | The debts owed by the business
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| Long-term liabilities | Financial obligations that will take the business more than one year to repay
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| Market share | The percentage of a product/service that is sold in the total market for that product/service
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| Mortgage | A loan for purchasing a buidling and or land
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| Net income | The amount of money left after all costs and expenses have been deducted
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| Net sales | Gross sales minus returned goods
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| Net worth | The monetary value of the business; assets minus liabilities
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| Notes payable | Amounts owed for small loans
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| Patent | A legal document that gives an inventor the sole right to produce, use and sell an invention
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| Product positioning | Placing a product in a certain market to get a desired customer response
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| Repayment plan | A schedule or statement showing how and when the debt of a business is to be repaid
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| Salaries payable | Wages owed to employees
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| Sales forecast | An estimaate of sales for a specified period
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| Sales quota | A goal assigned to a sales person for a specified period
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| Sales ratio | An expression of any component of the income statement as a percentage of total sales
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| Supplies | Assets that are used up in business operations
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| Taxes | Federal, state, and local assessments that are owed to the government
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| Trademark | A name, symbol, or special mark that, when registered, can be used only by a certain business
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| Variable expenses | Business expenses that may change from month to month
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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