Lecture Notes Flashcards

Vocabulary flashcards based on lecture notes to aid in exam preparation.

Assets

Anything owned by a business (cash investments, building, machines, and so on) that can be used to produce goods or pay liabilities.

Liabilities

All the money a company will have to pay to someone else in the future, including taxes, debts, and interest and mortgage payments

Turnover

The amount of sales/business done by a company in one year.

Depreciation/Amortization

The reduction of value of a fixed asset during the years it is in use (charged against profit).

Creditors/Account Payable

Sum of money owed to suppliers for purchases made on credit.

Debtors/Account Receivable

Sum of money owed by customers for goods or services purchased on credit.

Overheads

The various expenses of operating a business that cannot be charged to any one product, process, or department.

Earning/Income

The revenue received by a company during a given period, minus the cost of sales, operating expenses, and taxes.

Shareholders/Stockholders

A company’s owners.

Stock/Inventory

(The value of) raw materials, work in progress, and finished products stored ready for sale.

Accounting

The process of recording and reporting financial transactions.

Financial Statements

Documents that show a company’s financial performance (e.g., income statement, balance sheet).

Double-entry bookkeeping

Accounting system where every transaction affects two accounts.

Ledger

A record where all business transactions are written down.

Trial Balance

A list of all accounts and their balances used to check that debits equal credits.

Income Statement

A financial statement showing revenues, expenses, and net profit/loss.

Balance Sheet

A summary of assets, liabilities, and equity at a given moment.

Cash Flow Statement

Shows how much cash enters and leaves a company.

Equity

Owners’ share in the company, equal to assets minus liabilities.

Capital

Money invested in the business.

Company Market Capitalization

The total value of a company's outstanding shares.

Fixed Assets

Long-term assets like buildings and machinery.

Current Assets

Short-term assets like cash or accounts receivable.

Intangible Assets

Non-physical assets such as patents or goodwill.

Revenue

Total income from normal business operations.

Net Income

The final profit after all expenses and taxes.

Operating Profit

Earnings from regular business activities before interest and tax.

Gross Profit

Sales revenue minus the cost of goods sold (COGS).

Expenses

Costs incurred in running the business (e.g., wages, rent).

Overheads

Indirect costs not tied to a specific product or activity.

COGS

The direct cost of producing goods sold by the company. (Cost of Goods Sold).

Retained Earnings

Profits reinvested in the business rather than paid out as dividends.

Networking

The practice of meeting other professionals to share information, make useful contacts, support each other, etc.

Small talk

Polite friendly conversation about unimportant subjects.

Off the beaten track

(a place that is) not well-known and is far away from the places that people usually visit.

Well-kept secret

Something or somewhere known only to a few people.

Interface

The way in which you see the information from a computer program on the screen.

Pique someone's interest

Make someone feel interested in something or someone.

Novice

Someone who has just begun learning a skill or activity.

Picturesque

(a place that is) pretty in an old-fashioned way.

Laid-back

Relaxed and not seeming to worry about anything.

Overdeveloped

When a place has too many buildings and this spoils the atmosphere.

Infrastructure

The basic structure that a country needs: roads, railway, airports

Micromanaging

A management style where a manager closely observes or controls the work of their subordinates.

Morale

The confidence, enthusiasm, and discipline of a person or group at a particular time.

Empathy

The ability to understand and share the feelings of another.

Mediator

A person who attempts to make people involved in a conflict come to an agreement; a go-between.

Provocation

Action or speech that makes someone annoyed or angry, especially deliberately.

Resolution

The action of solving a problem, dispute, or contentious matter.

We have a nice little nest-egg. -  

We have some savings.

We are in debt  

we owe money

We need higher wages.

We want a rise

We have to haggle. -.

We argue about the price

We are paid on commission

We earn according to what we sell

we are very thrifty

We don't waste money.

infrastructure

the basic structure that a country needs: roads, railway, airports

mainland

the greater part of a country territory, not including any island

on easy terms

by instalments

financial means

money

on expenses

with everything paid by the company

in credit

possessor of a healthy balance

commercially viable

– a business success

challenged the figures

said he thought the amounts were wrong

on the market

up for sale

chair

be in charge

charge

request for payments

agenda

list of items to be discussed

handle

deal with

bargain

a very good price

takings

money we have made

unavailable

out of stock

expanse

cost

income

earnings