Bea vocab Flashcards

1
Q

Wage

A

A type of way to pay people for how long they work or how much of a thing they make.

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2
Q

salary

A

A salary is a way to pay people, but over a longer period you may get sick days and perks

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3
Q

Perks

A

An advantage you get from your company is that it is given for free or for cheap.

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4
Q

Commission

A

where you help someone sell something and you get a small percentage for the sale.

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5
Q

rent

A

You pay rent to continue living on someone’s land and house.

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6
Q

Interest

A

Money that you have to pay back and a small percentage of it because you have borrowed money.

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7
Q

profit

A

Money that you make by buying and selling an asset

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8
Q

Fees

A

Fees is a fixed charge for a specific product or service.

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9
Q

dividend

A

a sum of money paid regularly to its shareholders from its profit.

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10
Q

superannuation

A

Regular payments made into a fund by an employee towards a future pension.

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11
Q

inheritance

A

When a family member dies, you get part of the deceased’s money.

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12
Q

gambling

A

Play games for a chance to win money

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13
Q

royalties,

A

When you use someone’s work for something money is played after a certain amount of views.

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14
Q

Time

A

the indefinite continued progress of the existence. A finite resource.

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15
Q

Hire fees

A

Fees which you pay to hire a thing

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16
Q

admission fees

A

Fees you pay to be admitted to a place.

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17
Q

piracy

A

When you reproduce an item illegally and without authorization.

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18
Q

Endowment

A

provide with a quality, ability, or asset

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19
Q

skills

A

ability to do something well.

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19
Q

Opportunity

A

Time or set circumstances that make it possible to do something.

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20
Q

Bank Overdraft

A

Where a business is allowed to withdraw more money than they have in the bank

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21
Q

Bank statement

A

A document that shows all your transactions with the bank from a particular account

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22
Q

budget

A

A plan of income and expenditure

23
Q

credit card statement

A

monthly account showing all transactions involving a credit card

24
Q

credit note

A

A document that shows that goods have been returned

25
Q

invoice

A

A document that shows details of a credit sale or purchase

26
Q

Net worth

A

An individual’s personal contribution to the household

27
Q

Receipts

A

Proof that cash payment has been made.

27
Q

Mortgage

A

A long-term loan secured on property

27
Q

liabilities

A

amounts owed to other people/businesses or institutions. Future sacrifices of economic benefits that the company is currently obliged to make as a result of past transactions

28
Q

Pay slips

A

Documents received with wages and salaries that show gross par, income tax, other deductions, and net pay

29
Q

statement of net worth or affairs

A

A statement setting out the assets, liabilities, and net worth of an individual or household at a given point in time

30
Q

accounting services

A

Give business advice, prepare tax/gst returns prepare financial services, auditing

31
Q

Tax returns

A

A statement sent to Inland Revenue depart

32
Q

Accounting

A

Accounting is a system of communicating financial information

32
Q

Accounting entity

A

Business’s activities must be kept separate from the owner’s activities/private affairs

32
Q

Accounting equation

A

Assets=liabilities-owners equity

32
Q

accounting period

A

Time over which profit is measured. It is usually one year

32
Q

accounts payable

A

businesses that are owed money for purchased goods and services

32
Q

accounts receivable

A

People or businesses that owe our business

32
Q

administration expenses

A

Expenses that are incurred in a day running of the business.

33
Q

assets

A

Things of value owned by an individual

34
Q

balance day

A

last day of the accounting period

35
Q

Company

A

Businesses that are owned by shareholders and have limited liability

36
Q

Cost of goods sold

A

The cost of goods sold is the cost to the business of the inventories it has sold

37
Q

current assets

A

assets that can be easily turned into cash within one year

38
Q

current liabilities

A

amount a business must pay within one year

39
Q

Drawings

A

Cash/goods taken from the business by the owner

40
Q

expenses

A

Outflows/ losses/ consumption of future economic benefits that result in decrease in assets or increase in liabilities

41
Q

Financial expenses

A

Expenses resulting from the use of money

42
Q

Financial transactions

A

Transactions that involve money

43
Q

Going concern

A

Assumed that the business will continue for several accounting periods in the future

44
Q

Gross profit

A

Sales revenue-COGS

45
Q

Intangible assets

A

Assets that can not be seen and have no physical presence, but exists

46
Q

Inventory

A

Stocks of goods for sail

47
Q

Mark up

A

The amount added to the cost of inventory/goods to cover expenses and desired profit

48
Q
A