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26 Cards in this Set
- Front
- Back
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Job description
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Written statement listing duties and responsibilities of a job
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Organizational structure
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Plan that shows how the various jobs in a company relate to one another
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Recruit
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Looking for people to hire
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Freelancers
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People who provide services to businesses on an hourly basis or by the job
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Interns
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Students who will work for little or no pay in order to gain experience in a particular field
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Wages
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Payments for labor or services that are made on an hourly, daily or per-unit basis
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Salaries
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Payments for labor or services done on an annual base
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Commission
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Percentage of a sale paid to a salesperson
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Bonus
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Financial reward in addition to a regular wage or salary
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Commission-based salary
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Salary that varies from month to month, depending on how much of a product or service is sold
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Delegate
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Let other people share workloads and responsibilities
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Transaction
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Business activity that changes assets, liabilities, or net worth
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Posting
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Copying information from a journal entry to a ledger account
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Account
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An accounting record that summarizes all the information for a particular business item
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Check register
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Book in which you record the dates, amount and names of people or businesses to whom you have written checks
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Payroll
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List of people who receive salary or wage payments from a business
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Owner's equity
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Difference between assets and liabilities
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Sales
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Dollar value of the goods or services a business gives to customers over a certain period
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Cost of goods sold
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Cost of the inventory a business sells during a particular period
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Operating expenses
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The expenses necessary to operate a business
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Cash flow statement
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An accounting report that describes the cash that flows in and out of a business
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Net cash flow
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The difference between cash receipts and disbursements
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Inventory
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Stock of goods a business has for sale
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Perpetual inventory method
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Keeps track of inventory levels on a daily basis
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Stock card
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Paper record for a single item
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Stock turnover rate
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The rate at which inventory of a product is sold and replaced with new inventory
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