Financial Literary Flashcards
What is a saving
When income is more than expense
Loss
When expense is more than income
Profit
Income more than expense
Expenditure
Spending money
Innovative
Creating new ideas
Capital
Money you need to start a business
Budget
A plan of how much money you have and how to spend it
Why do people have a budget
Save money
Keep you out of debt
Identify areas where you spend too much money on
Unmet need
Your basic needs are not satisfied
Swot analysis
S for strengths things your business is good at
W for weakness things your business is not good at
O for opportunities , eg. The product is in demand, few companies making the product, perfect location
T for threats, eg. Opposite for opportunities
Liability
Debts that should be paid
Transaction
Exchange between parties
Financial record
Record of financial events
Assets
Things that you own
