buisness Flashcards
(21 cards)
what is Financial literacy
how you make smart decisions about managing your money
what is Economics
The study of business and needs
what is Scarcity
where there is limited reassures
what is Accounting
Where you work with money and manage other people budgets and value
what does Opportunity Cost mean?
You decide and what you didn’t pick is your cost
what is Assets
Something that you own that has value
what is Liabilities
Liabilities are financial obligations or debts that an individual or organization owes to others, typically requiring repayment in the future.
what is Income
Money that goes you’re your bank
what is a Salary
An employe getting paid the same amount every week no matter the hours
what is a Wage
What you get paid every, week, month or year
what is a Commission
Is how many sales an employee has made in the business which can change how much they get paid
what are Expenses
Where you are paying for things that are going to cost you money
what is Liquidity
How easy money and assets can turn into cash
what is Rate of Return
How much you lost or earned in an investment
what is Capital Growth
Increase the value of an investment
what are Shares
A percentage of ownership in compony
what is Diversification
Spreading different investment across assets
what is a Term Deposits
Where you have saved money and are unable to access it
what is Cryptocurrency
An online currency that can be turned into money
what is a Personal Loan
A loan you have taken from the bank for assets
what is the three step process of accounting
1 transaction accrues 2 source documents are produced 3 journals are wrote
