| A | B |
|---|
| material living standards | term that describes our ability to buy goods and services |
| non material living standards | a term that relates to 'quality of life' |
| factors that influence quality of life | access to education, health care, fresh water, fresh air, low crime rates |
| disposable income | a term that describes the amount of money you have to spend |
| assets | term that describes things that we own |
| liabilities | term that describes things that we owe |
| balance sheet | financial document that lists all the assets and liabilities of a company |
| revenue or turnover | another term for sales |
| expenses (or expendiutre) | term that describes money going out of the business |
| non current | loan is an example of this type of liability |
| current | cash and bank are examples of this type of asset |
| premises and vehicles | these are examples of non current assets |
| bank overdraft | this is an example of a current liability |
| debtors | name given to the people of business who owe you money for example |
| creditors | name given to the people of business who you owe money too |
| owners equity | A= ? + Liabilities |
| money someone invested in business | owners equity means |
| singapore | country who has a very high standard of living |
| south sudan | country who has a very low standard of living |
| assets | ? = liabilities + owners equity |
