Business math 2 (Lesson 1) Flashcards

1
Q

capital

A

sum of financial assets that are required to produce goods or services

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2
Q

assets

A

what a business owns

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3
Q

fixed assets

A

the kind of asset that stays in one place and is not usually sold

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4
Q

beginning inventory

A

the value of goods available for use

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5
Q

three basic costs for a business

A

operating costs, selling costs, owner’s profits

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6
Q

mark on/mark up

A

value added to the cost of a product

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7
Q

Gross profit

A

total profit earned from sales of product

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8
Q

net profit

A

Gross profit - expenses = net profit

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