vocabulary

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Across
  1. 2. a way to allocate the cost of equipment over its life, and track it’s decline in value
  2. 3. percentage rate The effective annual rate of interest charged by sellers. Required by the Truth in Lending Act
  3. 5. Difference between the selling price and the cost of a product. Reflects the value brought by the company and can contribute to generating profit.
  4. 7. value The total amount that is due at the end of the specified period. Calculated as Principal + Interest
  5. 8. The amount of money originally loaned, borrowed or deposited
  6. 10. amount Reduction off the list price (not related to early payment in terms of sale)
  7. 11. value The stated amount of the promissory note (principal)
  8. 12. The process of paying back a loan in equal periodic payments
  9. 15. Things of value owned by a business
Down
  1. 1. Comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and other transactions.
  2. 4. Interest Formula used to calculate interest = Principal x Rate x Time
  3. 5. Reduction in the final price of an item
  4. 6. Discount The amount of interest charged by a bank on a note
  5. 9. Amount that a business owes to its creditors
  6. 13. daily balance Sum of daily balances divided by the number of days in the billing cycle
  7. 14. The cost of borrowing money.