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FI-010 Glossary 2/3

AB
Current assetAn asset that can be converted into cash in one year or less
DepreciationLoss of value
Fair market valueA company’s worth according to the marketplace
Financial statementtRecords that show a business’s financial activities
Fixed assetAn asset that cannot easily be converted into cash (e.g., property, equipment)
FootnoteAdditional, relevant information attached to a financial statement
GuaranteeA promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory; often called a money-back guarantee
Income statementA financial record that measures a company’s performance during a certain period of time


Business Marketing Teacher, Career Technical Education
CENTRAL CABARRUS HIGH SCHOOL
Concord, NC

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