Quizlet

Profits, Revenues and Expenses

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About this set

Created by:

gynagober  on September 23, 2010

Subjects:

principles of business

Classes:

gynagober

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Millermafia : testicals! that is all

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Profits, Revenues and Expenses

Profit
the amount of money left over after a business has paid for the cost of producing its goods and services
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Profit the amount of money left over after a business has paid for the cost of producing its goods and services
Revenue government or business income
variable expenses expenses that fluctuate and over which you have some control, such as food and entertainment
fixed expenses expenses that occur regularly and must be paid regularly, such as rent and car insurance
balance sheet the report of the financial state of a business on a certain date
income statement a report of a business's net income or net loss over a specific period
net income revenue is greater than expenses
net loss expenses are greater than revenue