unit 3 topic 11 Flashcards
1
Q
profit
A
surplus achieved when total revenue from sales is higher than total costs of a business
2
Q
loss
A
shortfall suffered when total revenue from sales is lower than the costs of a business
3
Q
gross profit
A
sales revenue minus costs of goods sold
4
Q
sales revenue
A
money received from the sale of products and services
5
Q
net profit
A
gross profit minus other expenses - rent and advertising
6
Q
trade receivables
A
amount that customers owe to a business when buying a product or service on credit
7
Q
trade payables
A
money a business owes for goods and services when purchasing them on credit
8
Q
A
