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Level 2

term two glossory


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capital
money supplied by the owner
owners equity
something that gives the owner an interest in the buissness
drawings
money withdrawn from the buissness
fixed assets
has a lifespan of more than a year and not easily sold for cash
current assets
has a short lifespanand can easily converted into cash
long-term liabilities
debts repayable over a more than one year
current liabilities
debts repayable within a few months
profit motive
desire to make a profit, motivates one to engage in buissness activeties
losses
when the expenses paid in a buissness exceeds the profit made
budget
a list showing the money you expect to earn and the expences you expect to have to cover within a time
savings
monet that you put away when you have covered your expenses
banking
act of using services that a bank provides, a bank being a financial institution that works with your money on your behalf
accounting
the process of keeping a buisiness's financial records so that other people know how the buissness is using it's money
financial records
records of the business financial transactions
financial transaction
events at which buyers and sellers exchange goods for assets for money
SARS
South African Revenue Services, the goverment body responsible for collecting taxes
personal income
an individuals total annual earnings from all sources such as wages,investments,dividends,rentals,profits and interest
personal expenses
all the costs you incur in your daily life
surplus
when income is more thatn the expence
deficit
when expenses is more than the income
net worth
is th total asset minus the total liabilities
statement of net worth
is a statement prepared to calculate the amount by which assets exceeds liabilities
royalties
payments to a buissness for rights to use the intellectuel property
dividends
the amounts that buissness pays to their shareholders as part of the profits that the buissness has made
shareholders
individuels or buisnesses that have bought shares
shares
potians that shareholders buy to help the buisness start up
buisness expenses
the expence that business incur to keep running
investment
hen you buy a financial product you get some kind of financial return
unit trust
a kind of investment
variance
the diffrence