SBE 5.01 SBE 5.01 SBE 5.01 SBE 5.01 SBE 5.01 1pt 1 pt 1 pt 1pt 1 pt 2 pt 2 pt 2pt 2pt 2 pt 3 pt 3 pt 3 pt 3 pt 3 pt 4 pt 4 pt 4pt 4 pt 4pt 5pt 5 pt 5 pt 5 pt 5 pt

Expenses that have been incurred but not yet paid.

Accounts payable:

: Sales that have been made but not collected.

Accounts receivable

Items of value owned by the business.

Assets:

A financial statement that shows what a business owns, what it owes, and how much it is worth at a particular point in time.

Balance sheet:

Legal right to exclusive publication, production, sale, or distribution of a literary or artistic work.

Copyright:

The dollar amount a company pays to purchase a product for resale.

Cost of goods sold:

Cash or items of monetary value that can easily be converted to cash and that are used up by a business within one year.

Current assets:

Financial obligations that will be repaid within one year.

Current liabilities:

All costs associated with running a business except for the cost of goods sold.

Expenses:

Items of monetary value that are not easily converted into cash.

Fixed assets:

Business expenses that do not change month-to-month, but rather remain the same for a period of time.

Fixed expenses:

Customers' approval and support of a business.

Goodwill:

The dollar amount of all sales, usually within a one-year period.

Gross sales:

: A financial statement that shows the income, expenses, and profit/loss for the business over a period of time, usually a year.

Income statement

Monies due to the government

Income taxes payable:

Items of value that the business owns that cannot be seen or touched.

Intangible assets:

. The quantities of goods and materials on hand.

Inventory:

. The debts owed by the business

Liabilities:

. Financial obligations that will take the business more than one year to repay.

Long-term liabilities:

A loan for purchasing a building and or land

Mortgage:

The amount of money left after all costs and expenses have been deducted.

Net income:

Gross sales minus returned goods.

Net sales:

The monetary value of the business; assets minus liabilities.

Net worth:

Amounts owed for small loans.

Notes payable:

A legal document that gives an inventor the sole right to produce, use, and sell an invention.

Patent: