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vocab 5 part 1

QuestionAnswer
Accounts payable Expenses that have been incurred but not yet paid.
Accounts receivable Sales that have been made but not collected.
Assets Items of value owned by the business.
Balance sheet A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time.
Break-even point The point at which the money from product sales equals the costs of making and distributing the product.
Cash flow statement A financial statement that shows the flow of money in and out of the business.
Copyright Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work.
Cost of goods sold The dollar amount a company pays to purchase a product for resale.
Current assets Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year.
Current liabilities Financial obligations that will be repaid within one year.
Current ratio The comparison of current assets with current liabilities.
Economic outlook Trends associated with the economy that can impact your business's sales.
Expenses All costs associated with running a business except for the cost of goods sold.
Fixed assets Items of monetary value that are not easily converted into cash.
Fixed expenses Business expenses that do not change month-to-month, but rather remain the same for a period of time.
Goodwill Customers' approval and support of a business.
Gross profit on sales Net sales minus the cost of goods sold.
Gross sales The dollar amount of all sales, usually within a one-year period.
Income statement A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year.
Income taxes payable Monies due to the government
Intangible assets Items of value that the business owns that cannot be seen or touched.
Inventory The quantities of goods and materials on hand.
Created by: 12259623
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