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Business Terms

Computer Apps

TermDefinition
ACCOUNTING PERIOD A period of time, (month, quarter, year), for which a financial statement is produced.
AUDIT Verification of financial records and accounting procedures generally conducted by a CPA or accounting firm or if you're really unlucky, the IRS.
BALANCE SHEET Financial statement showing assets and liabilities at a specific time.
CREDIT REPORT A listing of an individual or company's history of repaying past loans and other liabilities.
ENTREPRENEUR Someone who is willing to assume the responsibility, risk and rewards of starting and operating a business.
FRANCHISE A franchise is a form of licensing. The franchiser provides his services through a series of franchisees. Before investing in any franchise, check with the International Franchise Association at 1 800 543 1038 to see if the franchise is a member in good s
OVERHEAD Business expenses not directly related to a particular good or service produced. An example would be utilities
SOLE PROPRIETORSHIP The individual is personally liable for all debts of the business to the full extent of his or her property. On the other hand, the owner has complete control of the business.
FISCAL YEAR Any 12-month period used by a company or government as an accounting period.
MANAGEMENT The organization and coordination of the activities of a business in order to achieve defined objectives.
Created by: TessaLu
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