Business math 2 (Lesson 1) Flashcards
1
Q
capital
A
sum of financial assets that are required to produce goods or services
2
Q
assets
A
what a business owns
3
Q
fixed assets
A
the kind of asset that stays in one place and is not usually sold
4
Q
beginning inventory
A
the value of goods available for use
5
Q
three basic costs for a business
A
operating costs, selling costs, owner’s profits
6
Q
mark on/mark up
A
value added to the cost of a product
7
Q
Gross profit
A
total profit earned from sales of product
8
Q
net profit
A
Gross profit - expenses = net profit
