Bea vocab Flashcards
Wage
A type of way to pay people for how long they work or how much of a thing they make.
salary
A salary is a way to pay people, but over a longer period you may get sick days and perks
Perks
An advantage you get from your company is that it is given for free or for cheap.
Commission
where you help someone sell something and you get a small percentage for the sale.
rent
You pay rent to continue living on someone’s land and house.
Interest
Money that you have to pay back and a small percentage of it because you have borrowed money.
profit
Money that you make by buying and selling an asset
Fees
Fees is a fixed charge for a specific product or service.
dividend
a sum of money paid regularly to its shareholders from its profit.
superannuation
Regular payments made into a fund by an employee towards a future pension.
inheritance
When a family member dies, you get part of the deceased’s money.
gambling
Play games for a chance to win money
royalties,
When you use someone’s work for something money is played after a certain amount of views.
Time
the indefinite continued progress of the existence. A finite resource.
Hire fees
Fees which you pay to hire a thing
admission fees
Fees you pay to be admitted to a place.
piracy
When you reproduce an item illegally and without authorization.
Endowment
provide with a quality, ability, or asset
skills
ability to do something well.
Opportunity
Time or set circumstances that make it possible to do something.
Bank Overdraft
Where a business is allowed to withdraw more money than they have in the bank
Bank statement
A document that shows all your transactions with the bank from a particular account
budget
A plan of income and expenditure
credit card statement
monthly account showing all transactions involving a credit card
credit note
A document that shows that goods have been returned
invoice
A document that shows details of a credit sale or purchase
Net worth
An individual’s personal contribution to the household
Receipts
Proof that cash payment has been made.
Mortgage
A long-term loan secured on property
liabilities
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
Pay slips
Documents received with wages and salaries that show gross par, income tax, other deductions, and net pay
statement of net worth or affairs
A statement setting out the assets, liabilities, and net worth of an individual or household at a given point in time
accounting services
Give business advice, prepare tax/gst returns prepare financial services, auditing
Tax returns
A statement sent to Inland Revenue depart
Accounting
Accounting is a system of communicating financial information
Accounting entity
Business’s activities must be kept separate from the owner’s activities/private affairs
Accounting equation
Assets=liabilities-owners equity
accounting period
Time over which profit is measured. It is usually one year
accounts payable
businesses that are owed money for purchased goods and services
accounts receivable
People or businesses that owe our business
administration expenses
Expenses that are incurred in a day running of the business.
assets
Things of value owned by an individual
balance day
last day of the accounting period
Company
Businesses that are owned by shareholders and have limited liability
Cost of goods sold
The cost of goods sold is the cost to the business of the inventories it has sold
current assets
assets that can be easily turned into cash within one year
current liabilities
amount a business must pay within one year
Drawings
Cash/goods taken from the business by the owner
expenses
Outflows/ losses/ consumption of future economic benefits that result in decrease in assets or increase in liabilities
Financial expenses
Expenses resulting from the use of money
Financial transactions
Transactions that involve money
Going concern
Assumed that the business will continue for several accounting periods in the future
Gross profit
Sales revenue-COGS
Intangible assets
Assets that can not be seen and have no physical presence, but exists
Inventory
Stocks of goods for sail
Mark up
The amount added to the cost of inventory/goods to cover expenses and desired profit
