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41 Cards in this Set
- Front
- Back
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Accounts payable
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Expenses that have been incurred but not yet paid.
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Accounts receivable
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Sales that have been made but not collected
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Assets
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Items of value owned by the business.
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Balance sheet
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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
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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
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A financial statement that shows the flow of money in and out of the business.
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Copyright
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Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work
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Cost of goods sold
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The dollar amount a company pays to purchase a product for resale.
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Current assets
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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
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: Financial obligations that will be repaid within one year
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Current ratio
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: The comparison of current assets with current liabilities
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Economic outlook
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Trends associated with the economy that can impact your business's sales.
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Expenses:
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: All costs associated with running a business except for the cost of goods sold.
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Fixed assets
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Items of monetary value that are not easily converted into cash.
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Fixed expenses
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Business expenses that do not change month-to-month, but rather remain the same for a period of time
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Goodwill:
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Customers' approval and support of a business.
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Gross profit on sales
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: Net sales minus the cost of goods sold.
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Gross sales:
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The dollar amount of all sales, usually within a one-year period
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Income statement:
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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:
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Monies due to the government
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Intangible assets:
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Items of value that the business owns that cannot be seen or touched.
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Inventory:
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The quantities of goods and materials on hand.
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Liabilities:
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The debts owed by the business.
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Long-term liabilities:
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Financial obligations that will take the business more than one year to repay.
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Market share
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The percentage of a product/service that is sold in the total market for that product/service.
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Mortgage:
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A loan for purchasing a building and or land
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Net income
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The amount of money left after all costs and expenses have been deducted.
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Net sales:
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Gross sales minus returned goods.
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Net worth:
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The monetary value of the business; assets minus liabilities
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Notes payable:
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Amounts owed for small loans.
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Patent:
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A legal document that gives an inventor the sole right to produce, use, and sell an invention.
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Product positioning
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Placing a product in a certain market to get a desired customer response.
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Repayment plan:
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A schedule or statement showing how and when the debt of a business is to be repaid
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Salaries payable
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: Wages owed to employees
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Sales forecast
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: An estimate of sales for a specified period.
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Sales quota
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A goal assigned to a sales person for a specified period
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Sales ratio
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An expression of any component of the income statement as a percentage of total sales.
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Supplies:
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Assets that are used up in business operations
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Taxes
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Federal, state, and local assessments that are owed to the government
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Trademark
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A name, symbol, or special mark that, when registered, can be used only by a certain business.
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Variable expenses
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Business expenses that may change from month to month
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