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10 Cards in this Set
- Front
- Back
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What is revenue?
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The total amount of money received from the sale of goods or services as well as other business activities like renting property and investments.
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What are expenses?
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The cost that you get from day-to-day operations of any business.
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What is net income?
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Total profit or loss after all expenses (including taxes) have been deduced from revenue. Also called earnings.
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What is a balance sheet?
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A snapshot of an organization’s financial position at a given moment.
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What is an asset?
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Any object or thing that can be turned into cash.
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What are current assets?
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Assets that are used or converted into cash within the course of the calendar year.
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What are accounts receivable?
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Money that is owed to the company by its clients or customers who have promised to pay for the products at a later date.
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What are Asset utilization ratios?
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Measure how well a firm used its assets to generate each dollar of sales. Using assets productively and efficiently yields a higher return.
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What is Inventory turnover?
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How many times a company sells and replaces its inventory in one year.
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What is the income statement?
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A financial report that shows an organizations profitability over time. Like month, quarter, or year.
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