Term 2 EMS revision
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20 Terms
What is accounting?
Recording and summarizing money information
What is capital?
The owners investment
What are assets?
Things you own
What are liabilities?
Money you owe
What is income?
The money you receive
What are expenses?
The money you spend
What is a profit
Making income rather than expenses
What is a loss
Expenses rather than income
What is a budget
A plan of income and expenses
What are the types of budgets
Personal and business
What are the steps to setting a budget
Estimating income, listing expenses, comparing and adjusting and reviewing regularly
What is a surplus
Income rather than expenses
What is a deficit
Expenses rather than income
What does a budget do
Helps control spending and save
What is personal income
Your salary, wages, interest, rent or pocket money
What is a fixed expense
An expense that cannot be changed, like rent or insurance
What is a variable expense
Expenses you need like food and transport
What is a positive net worth
You own more than you owe
What is a negative net worth
You owe more than you own
What are some business expenses
Rent, wages and materials
Note 
Flashcards (43)