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Business Calc Vocab

occurs when the selling price does not cover the cost of goods
absolute loss
a record of receipts and payments
a number to be added to another
a process of combing two numbers to give one number
a tax term meaning gross income less adjustments
adjusted gross income
a person who legally acts for someone else
gradual repayment of debt by regular payments of principal and interest
the amount owed when note is due; the face plus interest on not; maturity value
amount due at maturity
the amount of credit given on an installment loan or purchase
amount financed
a year’s depreciation
annual depreciation
a fee charged by credit card companies
annual membership fee
a percent that shows the ratio of finance charges to the amount financed
annual percentage rate apr
the rate for one year; the percent of the principal that is charged for one year’s interest
annual rate
an estimate of the value of property
appraised value
a rounded amount; not exact
approximate value
an amount of surface. example: for a rectangle, length times width
a value put on property as a base for figuring amount of tax
assessed value
a list of property, with asses valuations
assessment roll
things of value owned by a person or business
an example of a type of debit card
atm car
telephone service that lets you return the last call received whether you answered it or not
automatic callback
a computer system that lets you withdraw or deposit money in your bank account without a teller’s help
automatic teller machine
a single number used to represent a group of numbers
the original cost less scrap value by years of use
average annual depreciation
the amount of money in an account; the difference between the two sides of an account
a measure of a country’s international business activity; difference between a county;s exports and imports
balance of trade
mortgage option where the entire monthly payment for the first 20-25 years goes to pay off the interest on a home; the payments for the last years pay off the principal
balloon payment mortgages
a statement showing the assets, liabilities, and capital of a person or business for a certain date
balance sheet
interest based on a 360 day year; ordinary interest
banker’s interest
legally insolvent and unable to pay debts
patterns of printed bars that identify a stock item
bar code
a number with which another is compared; a number that may be multiplied by a fraction or percent; in a numeration system, the number by which a digit is multiplied when moved one place to the left
a period in time with which comparisons are made
base period
an insurance package that includes hospitalization benefits, surgical benefits, and medical insurance.
basic health coverage
the person to whom life insurance benefits are paid when the insured dies
auto insurance covering liability for injury to other persons
bodily injury insurance
a form of long-term promissory note issued by a corporation or government
one who holds a corporation or government bond
original cost less total depreciation to date
book value
the point at which income from sales equal total costs of producing and selling goods
break even point
a dealer in stocks and bonds or real estate
a fee paid to a broker; brokerage fee
brokers commission
a plan for using or spending income; an estimate of expenses
the cost of buying goods
buying expense
a character stored in a computer system
a phone feature that lets you transfer a call to another number
call forwarding
a phone feature that lets you block calls
call screening
a phone feature that lets you interrupt one call to talk to another caller
call waiting
a phone feature that displays the number of the person who is calling
caller id
a check that has been marked paid by the bank
canceled check
the owner’s claim to the assets of a business; proprietorship; owner’s equity; investment; net investment; net worth
the original investment in property plus additions and improvements
capital investment
total value of the stock issued by a corporation
capital stock
the cash received when money is borrowed on a credit card
cash advance
discount given for early payment of a bill
cash discount
when there is more cash on hand than there should be
cash over
a written record of cash spent
cash payments record
invoice price less cash discount; amount paid when no credit is used
cash price
a form used to check the amount of cast in a cash register
cash proof form
a written record of cash taken in
cash receipts record
a review of cash received and paid out, of income and expenses
cash sales summary record
a device for storing cash and for recording cash received and paid out
cash register
when there is less cash on hand than there should be
cash short
the value of an insurance policy if it is canceled; cash surrender value
cash value
the brain of a computer system; the part that processes data
central processing unit
the outcome of making a random choice
chance event
money placed in a cash drawer at the start of a period of time
change fund
a document, issued by a state, that creates a corporation and tells what the corporation can do
a written order directing the bank to make a payment
a record of deposits and checks
check register
a circle showing how parts relate to the whole and to each other
circle graph
expenses that must be paid when a home is purchased; settlement costs
closing costs
cash on delivery; collect on delivery
when the insured and the insurer share losses or costs
a feature of insurance that requires coverage up to a specifies percent of value to recover the full amount of a loss
coinsurance clause
personal property deposited or pledged as security for a loan
a loan with a note that is backed up or secured by the deposit or pledge of personal property
collateral loan
a note that is backed up by collateral
collateral note
auto insurance that covers damage to the insured’s car from collision or upset
collision insurance
a payment to an agent or salesperson based on the value or quantity of goods bought or sold; broker’s or brokerage fee
the ordinary stock of a corporation, paying no specified rate or amount of dividend
common stock
applied to trade discounts, the different between a given trade discount rate and 100 percent
the total in a savings account at the end of an interest period after compound interest is added
compound amount
the difference between the original principal and the compound amount; interest figured on interest after it has been added to the principal
compound interest
figuring and adding interest to make a new principal
compounding interest
insurance that covers damage to the insured’s car from causes other than collsion or puset
comprehensive damge
a single number used to measure a change in consumer prices compared to a base year
consumer price index
a corporation whose customers are usually shareholders of the business
a business owned by several people legally acing as one under a charter
the amount paid by the seller for the goods sold; cost of goods sold
cost of merchandise sold
the amount of insurance carried
a form that tells the buyer that the buyers account has been reduced
credit memo
a person or firm to whom money is owed
the length of time given to pay an invoice
credit period
something in circulation as a medium of exchange
a record showing a customer’s purchases, returns, payments, and balance owed
customers account
hundredweight or hundred pounds

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