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business flashcards

1. Accounting equation
Assets = Liabilities + Capital
2. Accounts payable
Money which a company owes to vendors for products and services purchased on credit
3. Accounts receivable
– Money that is owed to the company by clients
4. Amortization
the paying off of debt in regular installments over a period of time
5. Assets
resources of monetary value owned by the business
6. Balance sheet
a financial statement that lists the assets, liabilities, and capital of a business of a specific date
7. Capital surplus
— Equity which cannot otherwise be classified as capital stock or retained earnings.
8. Cash flow
the movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time
9. Cash flow statement
a financial summary with estimates as to when, where, and how much money will flow into and out of a business
10. Cost of goods sold
the amount of money a business pays for the product it will sell
11. Depreciation
decrease in the value of an asset due to wear and age
12. Discontinued operations
a part of a business that has been sold or abandoned
13. lGoodwil
the customer’s positive feelings about an organization, product, or service
14. Gross profit
money left after the cost of goods expense is subtracted from total income
15. Income statement
a summary of a business’s income and expenses over a period of time
16. Liabilities
– Debts owed by the company
17. Minority interests
a significant but non-controlling ownership of less than 50% of a company’s voting shares by either an investor or another company
18. Operating expenses
all expenses involved in running a business
19. Net income
money remaining after operating expenses are subtracted from gross profit
20. Par value
a dollar value shown on a share of stock, which is an arbitrarily assigned amount that is used for bookkeeping purposes
21. Reserve
— funds set aside for emergencies or other future needs
22. Retained earnings
– profits that are put aside to run a business
23. Shareholder’s equity
is the value of a business to its owners (shareholders) after all the commitments have been met.
24. Total Revenue
— amount of money a business brought in during the time period covered by the income
25. Net worth
is total assets minus total liabilities. Net worth is an important determinant of the value of a company
26. Tax
legally mandated payment to the government that is not made in exchange for a good or service. Taxes are used to fund projects that benefit society
27. Revenue
28. Expenditure
money paid out; spending
29. Excise tax –
tax placed on a specific good. Examples = gasoline, cigarette, beer, liquor
30. Income tax
tax that is based on the amount of money a person earns or receives
31. Property tax
– tax placed on real estate, and in some cases, on personal possessions
32. Sales tax
tax placed on the retail sale of almost all goods purchased. Certain types of good (i.e. food, medicine) are sometimes excluded from sales tax
33. Time management
– systematic, priority-based structuring of time allocation and distribution among competing demands
34. Stress
– mental, physical, or social pressure that puts real or perceived demands on the body, emotions, mind, or spirit
35. Procrastination
to put off something that needs to be done
36. Free time
time spent away from business, work, or chores. Leisurely moments
37. Weekly master list
a list of all important items that need to be achieved within a given week
38. To do list
– a list of tasks to be accomplished

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