Finance Flashcards
1
Q
VAT
A
Tax charged by the Government on the sale of services and goods to the consumer.
2
Q
Capital gains
A
Profit from the sale of property.
3
Q
Expenditure
A
Spending funds or the amount spent.
4
Q
Revenue
A
Income
5
Q
Gross profit
A
Profit when production/ marketing costs are removed.
6
Q
Net profit
A
Profit when working expenses, not included in gross profit, have been paid
7
Q
Turnover
A
Money made in a particular period
8
Q
Balance sheets
A
Statements recording the income and outcome during a particular time
9
Q
Cash flow
A
Money transferred in and out of a business
10
Q
Liquidity
A
Availability of money
11
Q
Debtors
A
Owe money
12
Q
Creditors
A
Person who is owed money
13
Q
Capital
A
Wealth owned for a purpose
14
Q
Break even
A
Profits = costs
15
Q
Depreciation
A
Reduction in value of an asset
