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12 Cards in this Set
- Front
- Back
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Expenses |
1. The economic costs that a business incurs through its operations. |
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Budget |
1.an estimate of income and expenditure for a set period of time. |
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Deductions |
1.Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. |
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Variable Expenses |
1. expenses can that vary. |
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Net Income |
1. An individual's income after deductions, credits and taxes |
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Gross Pay |
1. An individual's total personal income before taking taxes or deductions into account. |
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Asset |
1. A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. |
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Income |
1. Money that an individual or business receives. |
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Net Worth |
1. The amount by which assets exceed liabilities. |
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Fixed Expenses |
1. Expenses that continue at relatively stable levels,month after month or year after year,regardless of occupancy levels,retail sales,or other areas of revenue. |
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Debit |
1. An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in your bank account. |
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Liabilities |
1. A company's legal debts or obligations that arise during the course of business operations. |
