The money a business recieves for the products and/or services it sells or from its investments.
100
What is accountability?
The principle that employees the access to cash are responsible for the money they hendle and must explain any losses or discrepancies.
200
What are liabilities?
A debt of the business.
200
What is cost of goods sold?
The cost of inventory that was sold to generate business revenue for a specific period of time.
200
What is budget?
A plan for how income will be spent.
300
What is equity?
The net value of property or assets after subtracting any morgage or liabilities.
Assets - Liabilities = Owner's Equity.
300
What is gross profit?
All the money left over after deducting the cost of goods sold from revenue, but before deducting the business expenses that helped generate the revenue.
300
What is annual report?
A publication that presents a company's financial statements for the year to shareholders and potential investors.
400
What is Working Capital?
The funds a business uses to pay its short-term debts.
Working Capital = Current Assets - Current Liabilities.
400
What are opperating expenses?
The cost of doing business for a particular period.
400
What are service businesses?
A business that provides a service to satisfy the needs or wants of consumers.
500
What is Current Ratio?
Current Ratio = Total Current Assets / Total Current Liabilities.
500
What is net profit?
The money left over once operating expenses have been deducted from the gross profit.
500
What are retail businesses?
A business that buys goods and resells them to comsumers.