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5.0 Terminology Review

Explain the financial statements maintained in a small business.

AB
CopyrightLegal right to exclusive publication, production, sale, or distribution of a literary or artistic work.
ExpensesAll costs associated with the economy that can impact your business's sales.
BreakEven PointThe point at which the money from product sales equals the costs of making and distributing the product.
AssetsItems of value owned by the business.
Accounts PayableExpenses that have been incurred but not yet paid.
Accounts ReceivableSales that have been made but not collected.
GoodwillCustomers' approval and support of a business.
InventoryThe quantities of goods and materials on hand.
LiabilitiesThe debts owed by the business.
MortgageA loan for purchasing a building and or land.
PatentA legal document that gives an inventor the sole right to produce, use, and sell an invention.
MarketShareThe percentage of a product/service that is sold in the total market for that product/service.
Repayment PlanA schedule or statement showing how and when the debt of a business is to be repaid.
Notes PayableAmounts owed for small loans.
Intangible AssetsItems of value that the business owns that cannot be seen or touched.


Business Ed. Teacher
Wake Forest High School
Wake Forest NC

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