Definitions Matty Flashcards
(26 cards)
Annual
What you are paid for your work in one year
Consumption
When a consumer buys and uses a product
Cost
The cost of selling food or items; calculated as the opening merchandise inventory plus purchases minus closing merchandise inventory
Demand
Consumers wanting and needing products
Distribution
The delivery of goods to the consumer
Expenses
Costs associated with sales,administration, and advertising
Goods
Things we use in daily life
Gross income
The income generated from sales:calculated by multiplying price by quantity
Income
All the money you received during the year
Inventory
A list of goods or materials in stock and available to be sold
Investment
A person’s or group’s commitment of money with the intent to make profit, recognizing that a loss could occur
Need
Something you have to have to survive (food,clothing, shelter)
Net loss
The loss that results when expenses and costs are greater than income. ( a profit and loss statement: a financial statement that helps track a business)
Net salary
Your salary after deductions are taken out
Payroll deductions
What the business takes out of your paycheck ( taxes, FICA, health insurance)
Profit
The net income that remains after deducting all expenses and costs of doing business
Quality
When people act well or make something that is good
Quantity
When many things are made or consumed
Resource
Something valuable or useful to a place or person
Salary
What you are paid for your work
Scarcity
When resources are not plentiful
Services
Work done for us by someone else
Share
A unit of a company’s stock is sold to investors
Stock
Parts of a company that are sold to investors to raise money for the company to business
