| A | B |
|---|
| Gross Pay- | The amount of money earned during a pay period before any deductions have been made. |
| Income statement- | Financial statement of a business that reports the revenue, the expenses, and the net income (or net loss) of a business for the fiscal period. |
| Liabilities- | Money owed by the business (debts, accounts payable). |
| Loss- | when a business’s expenses are greater than its income |
| Net Pay- | The amount of money a person actually receives after all the deductions have been subtracted from the gross pay. Often referred to as “take home pay.” |
| Owner’s Equity- | Net worth of the business. The difference between a firm’s assets and liabilities. What would be left over if the firm’s assets were used to pay off their liabilities? |
| Payroll record- | Listing of a company’s employees, and the amount each is to be paid. |
| Profit- | Results when a business’s income is greater than it expenses. |
| Revenue- | The amount of money that a company earns |
| Statement of change in owner’s equity- | Statement of change in owner’s equity- |
