| A | B |
|---|
| 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. |
| Break-Even Point | The point at which the money from product sales equals the costs of making 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. |
| 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.. |
| 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. |
| Liabilities | The debts owed by the business |
| Long-term Liabilities | Financial obligations that will take the business more than one year to repay |
| Market Share | The percentage of a product/service that is sold in the total market for that product/service |
| Mortgage | A loan for purchasing a building and or land. |
| Net Income | The amount of money left after all costs and expenses have been deducted. |
| Net Sales | Gross sales minus returned goods. |
| Net Worth | The monetary value of the business; assets minus liabilities. |
| Notes Payable | Amounts owed for small loans. |
| Patent | A legal document that gives an inventor the sole right to produce and sell an invention |
| Product Positioning | Placing a product in a certain market to get a desired customer response. |
| Repayment Plan | A schedule or statement showing how and when the debt of a business is to be repaid. |
| Salaries Payable | Wages owed to employees. |
| Sales Forecast | An estimate of sales for a specified period. |
| Sales Quota | A goal assigned to a sales person for a specified period. |
| Sales Ratio | An expression of any component of the income statement as a percentage of total sales. |
| Supplies | Assets that are used up in business operations. |
| Taxes | Federal, state, and local assessments that are owed to the government. |
| Trademark | A name, symbol, or special mark that, when registered, can be used only by a certain business. |
| Variable Expenses | Business expenses that may change from month to month. |
