Financial Terminology Flashcards
1
Q
Accounts Payable
A
- Amounts owed to the suppliers of goods or services that have not yet been paid.
2
Q
Accounts Recievable
A
- Money that others owe to the business through invoices for services.
3
Q
Assets
A
- Any type of tangible or intangible resource that can be measured in monetary terms.
4
Q
Chart of Accounts
A
- A list of the various accounts a business uses to keep track of money.
5
Q
Current Assets
A
- Resources of a business that are converted into cash with one year.
6
Q
Direct Labor
A
- All labor of technical staff, principals, and support staff that is directly chargeable to projects.
7
Q
Direct Personnel Expense
A
- Expense of employee salaries plus the cost of mandatory and discretionary expenses and benefits.
= employee salaries + (expenses and benefits)
8
Q
Discretionary Distribution
A
- Voluntary distribution of profit to owners and non owners. (Such as performance bonuses, profit sharing and incentive compensation).
9
Q
Fixed Assets
A
- Resources that the firm uses and retains for a long period of time. (Such as equipment and property).
10
Q
Gross Revenue
A
- All the revenue generated by a business during a stated period of time.
11
Q
Indirect Labor
A
- All labor not charged to a specific project or revenue producing account. (Such as administration, general office time, and marketing).
12
Q
Liabilities
A
- Claims by people outside the business and claims by the owners of the business against the total assets of the business.
13
Q
Net Revenue
A
- Money that remains from billing after deducting fees and expenses, reimbursable expenses, and non-reimbursable project-related expenses.
14
Q
Other Assets
A
- Miscellaneous resources (Such as securities and copyrights).
15
Q
Overhead
A
- Expenses incurred to keep a business operating (Such as rent, software, fees for power, and telephone service).
