| A | B |
|---|
| Income Statement | Financial Report on Profit or Loss |
| Operating Expenses | Costs incurred in operating a business |
| Net Income | Profit = Revnue - Expenses |
| Inventory | Merchandise purchased for resale |
| Cost of Goods Sold | cost of inventory sold during a given period |
| General Expenses | Costs connected with the running of any business |
| Principal | Amount borrowed in a loan |
| Break-Even Point | the point (# of sales) where revenue meets expenses |
| Stock Turnover Rate | The frequency which inventory has been sold and replaced |
| Purchase Order | request to purchase goods |
| Invoice | record of shipment and bill for goods |
| Markup | amount added to the cost of an item |
| Markdown | percentage a retail price is lowered |
| Discount | reduction in the price of a product, usually offered to select customers |
| Payroll Records | Employee and tax information |
| FICA | Social Security |
| Cash Sale | Currency or check is used |
| Credit Sales | MC/VISA or a Store's revolving loan |
| Opeining Cash Fund | Amount in cash register at beginning of shift |
| Balancing | Comparing Sales to actual cash receipts and explaining any difference |
