More Key words

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Costs
All expenditures involved in the business
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Expenditure
I s the money the business pays out
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Overheads
Everyday running costs of a business
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Profit
When revenue is more than expenditure
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Loss
When Expenditure is more than revenue
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Breakeven
The breakeven point for a business is when the total revenue is equal to the total costs
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Margin of difference
Difference between the breakeven point add the actual production of the business
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Cashflow
Money coming in and out of the business
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Sales revenue
Income business taken from the sales
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Revenue
General Income of a business
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Balance Sheet
Is a statement of the total assets and liabilities of an organisation at a particular date
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start up costs
Costs that the business have to pay out when they first start up . E.g Carpet fittings
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Fixed costs
Fixed costs DO NOT CHANGE as out put increases
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Variable costs
These costs do vary with output . If the business makes more items it will have higher variable costs. E.g raw materials and workers wages
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Total costs
the money spent by a business on producing a given level of output.
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Margin of safety
Difference between breakeven point and units of actual sales
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Cashflow forecast
A prediction of a businesses future cashflow
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Opening stock
The stock you intend to sell that a business stored with each month/year
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Purchases
What you buy during that year to keep stock up
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Closing stock
What stock you are left with
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net profit
The money that comes into a business from selling a product or service after all expenditure/ costs have been deducted
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Receipts
Are the inflows going into the bank account
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Payments
The outflows going out of the banks account
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Financial statement
A business keeps various types of financial records to monitor its performance and ensure that taxes are paid
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Other cards in this set

Card 2

Front

I s the money the business pays out

Back

Expenditure

Card 3

Front

Everyday running costs of a business

Back

Preview of the back of card 3

Card 4

Front

When revenue is more than expenditure

Back

Preview of the back of card 4

Card 5

Front

When Expenditure is more than revenue

Back

Preview of the back of card 5
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