Chapter 15 & 16 Key Vocab

2. A loan borrowed and paid (with interest) within a year
4. Money that is loaned to a business and must be paid back
9. Claims against assets or what you owe to others
13. A percentage of sales leftover after taking away costs
15. Security (like an asset) pledged as assurance to repay debts to lenders
16. a written financial plan for business operations for a specific period of time.
17. The gradual loss of an asset's value over time
20. The money made by a business after taking away ALL costs of doing business (gross profit - ALL costs)
21. Expensive items of value owned by a company
23. Someone's personal financial contributions to the business (gives ownership to the person)
24. The financial statement that is also known as profit and loss - tracks revenue and expenses
25. Stock that gives holders first claim on corporation earnings
26. The value of a shareholders investment into a business (also called capital or net worth)
27. Credit records showing payments you are owed by others - you are due to receive them

1. A type of budget that shows projected sales, costs, expenses and profits for ongoing activities of the business.
3. Profits that are not taken out of the business, but instead are saved for future use
5. Written promise to pay back a lender for a certain amount at a certain point in time
6. The dollar value shown on a share of stock
7. The money made by a business after taking away costs associated with making/shipping/selling (sales - cost of goods sold)
8. The price at which stock is actually bought and sold
10. The authorization to borrow up to a certain amount for a specified period of time
11. The earnings/profit made from owning a share of stock
12. Ownership stake in a corporation; Gain the right to participate in voting privileges and share profits
14. The financial statement that tracks the value/worth at any point in time - tracks assets, liabilities, and owners' equity
18. Credit records showing credit purchases of a business, amounts that are owed, and payments made.
19. A loan borrowed and paid (with interest) longer than a year
22. A type of budget that projects income and expenses from the beginning of a business until the break-even point