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8 terms

Profits, Revenues and Expenses

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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