Know Your Financial Terms

3. All the revenue generated by a business during a stated period of time.
6. Amounts owed to the suppliers of goods or services (such as consultants, reproduction companies, or the utility company) that have not yet been paid.
7. Voluntary distribution of profits to owners and nonowners, such as performance bonuses, profit sharing, and incentive compensation.1
9. Resources that the firm uses and retains for a long period of time, such as equipment and property.
11. Expenses incurred to keep a business operating whether or not any revenue is being generated, such as rent, software leases, and fees for power and telephone service.
12. A list of the various accounts a business uses to keep track of money, along with corresponding account numbers used for data processing.
13. The money that remains from billing after deducting fees and expenses, reimbursable expenses, and non-reimbursable project-related expenses.
14. All labor of technical staff, principals, and support staff that is directly chargeable to projects.

1. Any type of tangible or intangible resource that can be measured in monetary terms, including current assets, fixed assets, and other assets.
2. Claims by people outside the business and claims by the owners of the business against the total assets of the business.
4. Money that others owe to the business through invoices for services.
5. Resources of a business that are converted into cash within one year.
8. All labor not charged to a specific project or revenue-producing account, such as administration, general office time, and marketing.
10. The expense of employee salaries plus the cost of mandatory and discretionary expenses and benefits such as payroll taxes and health insurance.