Bea vocab

Question 1

Wage

Answer 1

A type of way to pay people for how long they work or how much of a thing they make.

Question 2

salary

Answer 2

A salary is a way to pay people, but over a longer period you may get sick days and perks

Question 3

Perks

Answer 3

An advantage you get from your company is that it is given for free or for cheap.

Question 4

Commission

Answer 4

where you help someone sell something and you get a small percentage for the sale.

Question 5

rent

Answer 5

You pay rent to continue living on someone’s land and house.

Question 6

Interest

Answer 6

Money that you have to pay back and a small percentage of it because you have borrowed money.

Question 7

profit

Answer 7

Money that you make by buying and selling an asset

Question 8

Fees

Answer 8

Fees is a fixed charge for a specific product or service.

Question 9

dividend

Answer 9

a sum of money paid regularly to its shareholders from its profit.

Question 10

superannuation

Answer 10

Regular payments made into a fund by an employee towards a future pension.

Question 11

inheritance

Answer 11

When a family member dies, you get part of the deceased’s money.

Question 12

gambling

Answer 12

Play games for a chance to win money

Question 13

royalties,

Answer 13

When you use someone’s work for something money is played after a certain amount of views.

Question 14

Time

Answer 14

the indefinite continued progress of the existence. A finite resource.

Question 15

Hire fees

Answer 15

Fees which you pay to hire a thing

Question 16

admission fees

Answer 16

Fees you pay to be admitted to a place.

Question 17

piracy

Answer 17

When you reproduce an item illegally and without authorization.

Question 18

Endowment

Answer 18

provide with a quality, ability, or asset

Question 19

skills

Answer 19

ability to do something well.

Question 19

Opportunity

Answer 19

Time or set circumstances that make it possible to do something.

Question 20

Bank Overdraft

Answer 20

Where a business is allowed to withdraw more money than they have in the bank

Question 21

Bank statement

Answer 21

A document that shows all your transactions with the bank from a particular account

Question 22

budget

Answer 22

A plan of income and expenditure

Question 23

credit card statement

Answer 23

monthly account showing all transactions involving a credit card

Question 24

credit note

Answer 24

A document that shows that goods have been returned

Question 25

invoice

Answer 25

A document that shows details of a credit sale or purchase

Question 26

Net worth

Answer 26

An individual’s personal contribution to the household

Question 27

Receipts

Answer 27

Proof that cash payment has been made.

Question 27

Mortgage

Answer 27

A long-term loan secured on property

Question 27

liabilities

Answer 27

amounts owed to other people/businesses or institutions. Future sacrifices of economic benefits that the company is currently obliged to make as a result of past transactions

Question 28

Pay slips

Answer 28

Documents received with wages and salaries that show gross par, income tax, other deductions, and net pay

Question 29

statement of net worth or affairs

Answer 29

A statement setting out the assets, liabilities, and net worth of an individual or household at a given point in time

Question 30

accounting services

Answer 30

Give business advice, prepare tax/gst returns prepare financial services, auditing

Question 31

Tax returns

Answer 31

A statement sent to Inland Revenue depart

Question 32

Accounting

Answer 32

Accounting is a system of communicating financial information

Question 32

Accounting entity

Answer 32

Business’s activities must be kept separate from the owner’s activities/private affairs

Question 32

Accounting equation

Answer 32

Assets=liabilities-owners equity

Question 32

accounting period

Answer 32

Time over which profit is measured. It is usually one year

Question 32

accounts payable

Answer 32

businesses that are owed money for purchased goods and services

Question 32

accounts receivable

Answer 32

People or businesses that owe our business

Question 32

administration expenses

Answer 32

Expenses that are incurred in a day running of the business.

Question 33

assets

Answer 33

Things of value owned by an individual

Question 34

balance day

Answer 34

last day of the accounting period

Question 35

Company

Answer 35

Businesses that are owned by shareholders and have limited liability

Question 36

Cost of goods sold

Answer 36

The cost of goods sold is the cost to the business of the inventories it has sold

Question 37

current assets

Answer 37

assets that can be easily turned into cash within one year

Question 38

current liabilities

Answer 38

amount a business must pay within one year

Question 39

Drawings

Answer 39

Cash/goods taken from the business by the owner

Question 40

expenses

Answer 40

Outflows/ losses/ consumption of future economic benefits that result in decrease in assets or increase in liabilities

Question 41

Financial expenses

Answer 41

Expenses resulting from the use of money

Question 42

Financial transactions

Answer 42

Transactions that involve money

Question 43

Going concern

Answer 43

Assumed that the business will continue for several accounting periods in the future

Question 44

Gross profit

Answer 44

Sales revenue-COGS

Question 45

Intangible assets

Answer 45

Assets that can not be seen and have no physical presence, but exists

Question 46

Inventory

Answer 46

Stocks of goods for sail

Question 47

Mark up

Answer 47

The amount added to the cost of inventory/goods to cover expenses and desired profit