Entrepreneurship II - Objective 5.01 Vocabulary Quiz

Net Income.

• Bottom Line

• Profit

• Operating Expenses

• Gross Profit

A financial summary with estimates as to when, where, and how much money will flow into and out of a business.

• Income Statement

• Earnings Statement

• Cash Flow Statement

• Profit-and-Loss Statement

The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards.

• Earnings Statement

• Bottom Line

• Cash Flow Statement

• Competitive Analysis

The amount of money a business pays for the product it will sell.

• Costs of Goods Sold

• Income

• Gross Profit

• Profit

Individuals or businesses to whom a business owes money or from whom it wants to borrow money.

• Creditors

• Customers

• Entrepreneurs

• Employees

Another name for an income statement.

• Cash Flow Statement

• Operating Expenses

• Earnings Statement

• Balance Sheet

Money that a business spends.

• Expense

• Gross Profit

• Income

• Net Income

The comparison of two numbers from a business’s financial statement; used as a tool by businesses to see relationships between numbers.

• Profit

• Financial Ratio

• Gross Profit

• Net Income

Money left after the cost of goods expense is subtracted from total income.

• Gross Profit

• Income

• Bottom Line

• Operating Expenses

The money received by resource owners and by producers for supplying goods and services to consumers.

• Expense

• Income

• Operating Expense

• Profit