Financial Terminology

What is the key term for total revenue received by the enterprise ​

• Cost of sales

• Gross Profit

• Turnover

• Net Profit

Which term describes the amount of money it costs to make the product (ingredients, packaging)​

• Turnover

• Current Asset

• Fixed Asset

• Cost of sales

Which profit is this the money an enterprise makes from selling a product (once cost of sales have been deducted)​

• Retained Profit

• Net Profit

• Gross Profit

Which profit is the money remaining after deducting expenses (expenditure) from gross profit ​

• Retained Profit

• Net Profit

• Gross Profit

Which profit is the net profit that can be kept within the enterprise after paying out profit to the owners. ​

• Gross Profit

• Net Profit

• Retained Profit

an item that enables products to be made and is not expected to be converted into cash any sooner than one years' time ​

• Fixed Asset

• Current Asset

• Current Liability

• Long-term liability

either cash or items that can be converted into cash easily ​

• Fixed asset

• Current Asset

• Current liability

• long-term liability

short-term debts, the money owed must be paid back within one year ​

• Fixed asset

• Current asset

• Current liability

• long-term liability

These people owe money to the enterprise ​

• Creditors

• Debtors

These people the enterprise owes money to

• Debtors

• Creditors