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