| A | B |
|---|
| Cost of Goods Sold | the amount spent to produce and purchase goods that are sold in the business |
| Fixed Expenses | business expenses that are always the same no matter how many units are produced |
| Variable Expenses | Business expenses that change based on the number of units that are produced |
| Asset | All items that have cash value that are owned by the business |
| Net Sales | total sales minus returns and allowances equal ____ |
| Gross Sales | the total of all sales during a given time period |
| Budget | A plan to manage finances |
| Liability | refers to all the money that is owed to others by the business |
| Equity | refers to an individual's value as a stockholder within a company |
| Accounting | A system to manage and control a business's finances |
| GAAP | refers to the standard guidelines used in financial accounting |
| Cash Flow Statement | A monthly statement that shows when cash will go into and go out of a business |
| Balance Sheet | A statement of a business's assets, liabilities and owners equity |
| Income Statement | a statement of a business's income and expenses over a period of time, such as one month or a year |
| Electronic Funds Transfer (EFT) | includes the use of technology for banking services, such as transferring money between accounts |
