What is a income statement?

Statement that outlines a company's revenue, cost and expenses over time

What is a business plan?

Document outlining companies goals, strategies and financial projections

A person that buys from customer

Definition of savings is?

Putting money away on a regular basis

Used for an exchange for goods/ services and shows value

Flow of money in and out of business

What is a variable cost?

Cost that does fluctuate, Costs move with production levels e.g raw materials, utilities

Total sales of company minus expenses

Estimation of income and expenses in a certain time

What is a fixed cost?

Cost that remains constant no matter the production level eg.rent, salaries

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Small Business and economics

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Questions 11

Answers

1
What is a income statement?
Statement that outlines a company's revenue, cost and expenses over time
Shows income
Statement that shows a companies
Produces their income on a sheet
2
What does financial literacy mean?
Writing money
That we understand money
Talking money
Understanding money topic subjects
3
What is a business plan?
Document outlining companies goals, strategies and financial projections
Making a plan for a business
Planning for a business before it opens
A document outlining a businesses plan
4
What is a consumer?
A person that buys from customer
Idk a person maybe?
A person that buys something
A person that buys from the producer
5
Definition of savings is?
Noting where your money goes
Putting money somewhere safe
Adding money to an account
Putting money away on a regular basis
6
What is money?
Exchange for more income
Used for an exchange for goods/ services and shows value
A status symbol
Used to flex on those haters
7
What is cash flow?
Money coming in and out of persons pockets
Flowing money
Money flowing through a bank account
Flow of money in and out of business
8
What is a variable cost?
Cost that does fluctuate
Costs move with production levels e.g raw materials, utilities
Cost remains same regardless production levels
Cost moves with the others that move
9
What is net profit?
Total sales of company minus expenses
Number of goods sold
Expenses minus company sales
The amount of money a company makes
10
What is a Budget?
Making income and expenses
Updating your billing addresses for the money to enter
Bringing in money and caring for where it goes
Estimation of income and expenses in a certain time
11
What is a fixed cost?
Variable cost
Cost that remains constant no matter the production level eg.rent, salaries
Something that is fluctuating price e.g. takeaway spending, fuel prices
Something that is fixed to a wall

Small Business and economics Flashcards | StudBud