7.3 Financial Language of Small Business

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Across
  1. 2. profit Difference between revenue and costs; that is, what the business has left over after costs and expenses are paid.
  2. 4. expenses Costs to run the business, not tied to making the product. Ex: Rent, utilities
  3. 5. Profit The difference between revenue and cost of goods sold
  4. 7. Any resource owned by the business used to produce value.
  5. 10. Debts owed by the business
  6. 11. payable Expenses from purchasing items on credit that are due.
  7. 12. liabilities Debts due in more than one year
  8. 13. Equity. The portion of the business that the owner has rights to
  9. 14. Assets Assets that will last more than one year. (type of long-term) Ex: equipment, property
Down
  1. 1. assets Can be used in a year or less. Current assets can also be referred to as liquid assets, assets which are easily changed into cash. Ex: Cash, Accountants receivable, Inventory
  2. 2. Payable. Long-term loan
  3. 3. payable Real estate
  4. 6. liabilities. Debts due in one year or less.
  5. 8. of goods sold Costs directly used to make the product you sell. Ex: materials and labor
  6. 9. Includes any money coming into the business. Ex: Sales, fees, interest
  7. 10. assets Items a business owns that will last more than one year and help the company operate or make money over time. Ex: Patents, Buildings
  8. 11. liabilities Expenses which are required for operation but have not been paid.