Chapter 4 Key words Flashcards
1
Q
Assets
A
Something that a business owns
2
Q
Capital
A
The amount of money invested by the owner in the business
3
Q
Discount Policy
A
A business system for giving the different types of discount to customers in order to encourage certIn buying behaviours
4
Q
Expenses
A
What the business spends to purchase goods or services for the company
5
Q
Financial Statements
A
The statement of profit or loss and the statement of financial position of a business
6
Q
Income
A
What the business earns when it makes sales and goods or services to other parties
7
Q
Liabilities
A
Something that a business owes
