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12 Cards in this Set

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Expenses

1. The economic costs that a business incurs through its operations.

Budget

1.an estimate of income and expenditure for a set period of time.

Deductions

1.Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax.

Variable Expenses

1. expenses can that vary.

Net Income

1. An individual's income after deductions, credits and taxes

Gross Pay

1. An individual's total personal income before taking taxes or deductions into account.

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.

Income

1. Money that an individual or business receives.

Net Worth

1. The amount by which assets exceed liabilities.

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.

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.

Liabilities

1. A company's legal debts or obligations that arise during the course of business operations.