7 EMS - Business Income & Expenses

Businesses make money by selling goods, services and investing money.

• True

• False

The correct term for the income earned from selling goods is...

The correct term for the income made by supplying a service is...

The correct term for the expense transaction: cost of goods sold is...

The correct term for the expense of employing people is...

The correct term for the expense of borrowing money is...

Income - Expenses =

Income - Cost of Sales =

Income - All Expenses =

The term used to describe how quickly an asset can be converted into cash.