(1) - Financial Terminology (BTEC ENTERPRISE)

What term is used to describe money that is used to set up and grow the business?

• Capital

• Fixed Assets

• Turnover

• Cost of Sales

• Fixed Liabilities

Which term is used to describe the money a business owes?

• Liabilities

• Assets

• Debtors

• Retained Profit

• Expenses

Which term is used to describe all of the money a business receives from the sale of goods, over a certain period of time?

• Turnover

• Gross Profit

• Net Profit

• Cost of Sale

• Net Assets

What term is used to describe the money spent on manufacturing / acquiring the goods that a business sells?

• Cost of Sale

• Fixed Assets

• Expenses

• Gross Profit

• Current Liabilities

What term is used to describe the money made on a product once the cost of sale has been taken away?

• Gross Profit

• Net Profit

• Current Assets

• Current Liabilities

• Retained Profit

What term is used to describe the money a business spends on things like rent, staff wages and utility bills?

• Expenses

• Gross Profit

• Net Profit

• Current Assets

• Current Liabilities

What term is used to describe the money left in a business once all expenses have been removed from the money a business has made on each product sold.

• Net Profit

• Gross Profit

• Retained Profit

• Turnover

• Net Assets

What term is used to describe the money left in the business account once the shareholders / business owners have taken their share of the profits?

• Retained Profit

• Net Profit

• Gross Profit

• Fixed Assets

• Long-Term Liabilities

What term is used to describe the debt that needs to be paid off in the short term?

• Current Liabilities

• Long-Term Liabilities

• Current Assets

• Fixed Assets

• Debtors

What term is used to describe the debt that can be paid off over a long period of time?

• Current Liabilities

• Long-Term Liabilities

• Current Assets

• Fixed Assets

• Debtors