Shared Flashcard Set

Details

Business Law
n/a
13
Business
12th Grade
02/17/2012

Additional Business Flashcards

 


 

Cards

Term
Assets
Definition
Items of value owned by the business.
Term
Contingency fund
Definition
Cash tha t is se t aside for unexpected needs o f the business.
Term
Continuing costs:
Definition
The ongoing expenses resulting from the operation of the business .
Term
Credit unions:
Definition
Cooperatives formed by labor unions or emp loyees for the benefit o f the members .
Term
Credit-worthy:
Definition
Willing and able to repay a deb t.
Term
Equity sources:
Definition
Capital sources that trade cash for some portion o f ownership in the business ; some times called risk capital because the inves tor puts his/her money at risk.
Term
Expenses:
Definition
The cost of doing business ; a ll business expenses excep t the cost o f goods sold.
Term
Fixed costs:
Definition
Expenses tha t remain the same for a period o f time; mus t be paid regardless o f the quantity o f a good or service produced/so ld
Term
Government agencies:
Definition
Operated by the government to provide technical assistance, counseling, grants, or o ther means of financial assistance at low-interes t ra tes.
Term
Liabilities
Definition
Debts owed by the business .
Term
Lines of credit:
Definition
Agreements made by a bank to lend money at a sta ted interest ra te whenever the owner needs it. A fee is charged for the privilege whe ther the money is used or no t, and interest is charged on any money tha t is used.
Term
Long-term loan:
Definition
Borrowed money that is repayab le over a period longer than a year.
Term
Net worth:
Definition
The mone tary va lue of the business; assets minus liabilities.
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