Vocabulary
Formulas
Financial Statements
Calculations
Extrazzzz
100
Money coming in for selling or service
What is revenue?
100
Total units needed - beginning inventory
What is the formula to calculate purchases?
100
Statement that lists the assets, liabilities, and owner's equity.
What is a balance sheet?
100
The total fixed costs are $5,906.00 and the planned net income is $450.00. Find the required contribution margin.
What is $6,356?
100
Having supreme rank, power, or authority.
What is sovereign?
200
Money spent specifically to bring in revenue.
What is operating expenses?
200
Liability + Owner's Equity = Assets
What is formula for balance sheet equation?
200
High-level tools used by managers, investors, and creditors to show past performances, predict future performance, and estimate future cash flow.
What is an income statement?
200
Net income is $56,243 and the revenue is $78,961. Find the return on sales.
What is 72.2%?
200
Something expected to be paid within the fiscal year of the business.
What is a current liability?
300
What an entity (business/other enterprise) owns.
What are assets?
300
Net income / Revenue (Sales)
What is formula for Return on Sales?
300
Compares each section and each line item of an income statement with total revenue.
What is a vertical analysis?
300
Net income is $2,400 and return on sales is 50.3%. Find the revenue.
What is $4,775?
300
Expected to last longer than longer than the fiscal year.
What is a fixed asset?
400
All of the costs required to manufacture a finished product that are not related to the direct materials or direct labor costs.
What is factory overhead?
400
Current assets - Current liabilities
What is the formula for Working Capital?
400
Statement that portrays the assets the owner invested, how much he withdrew, and how much net income the company generated during a certain statement period.
What is SCOE?
400
Revenue is $47,862 and return on sales is 89.3%. Find the net income.
What is $42,748
400
Reveals poor estimates, under and over estimates, and what is doing well in the business.
What is a performance report?
500
An asset management ratio that shows the number of times a company accounts receivable is collected annually.
What is accounts receivable turnover ratio?
500
Current assets / Current liabilites
What is the formula for Current Ratios?
500
The process of reviewing the break-even point and the relationship between cost, volume, and profit to determine how many units must be sold to make a net income.
What is Break-Even Analysis?
500
Current assets are $1,280 and current liabilities are $850. Find the current ratio.
What is 1.5?
500
It repealed part of the Glass-Steagall Act of 1933, removing barriers in the market among banking companies, securities, companies and insurance companies that prohibitied any one institution from acting as any combination of an investment bank, a commercial bank and an insurance company.
What is the Gramm-Leach-Bliley Act?
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