Accounts - Accurate records of the business income, expenditure, assets and liabilities, Assets - Items owned by the business, e.g., vehicles, plant, machinery, equipment and buildings, Balance Sheet - This shows what the organisation is worth at any given time, showing its assets and liabilities, Budgets - Estimates and allocations of income and expenditure for a set period of time, used to measure and estimate financial aspects of all parts of a business, Capital - Money that is invested into a business, e.g. from owners, banks or shareholders, Cash flow - The amount of money coming into and out of the business in a given period, Compliance - Conforming to rules, e.g. standards, policies, regulations and laws, Credit - Several meanings of this in business. A bookkeeping entry of money received, a credit note to give a customer an amount to take off their next purchase, a credit agreement for when a customer can have the goods and pay later, Debt - The money that is owed to someone else – e.g. HM Revenue and Customs or suppliers who are waiting for payment, Debtors - People or businesses who that owe money to the organisation – e.g. customers who have not paid their bills yet, Expenditure - Money paid out for materials – e.g. rent, payroll, marketing or travel, Fixed Costs - Expenses that stay the same, regardless of sales rising or falling – e.g. rent and insurance, Governance - The system by which organisations are directed and controlled – e.g. by a board of directors, Income, turnover or revenue - Money that comes in – e.g. from sales, planned sales, interest or investments, Gross Profit - The difference between the revenue minus the cost of making the product – before deducting overheads, taxes and interest payments, Net Profit - The amount of money left after all working expenses have been paid, Shares - Units of ownership of a company that can be offered for sale – companies usually pay dividends to their shareholders based on the level of their profits, Staff Costs - All costs relating to human resources, e.g. wages, national insurance contributions, agency costs, welfare, uniforms and training, Variable Costs - Expenses that change according to sales volumes – e.g. raw materials used to make the products., Working Capital - The amount of money left in a business once current assets and liabilities have been taken into account, Creditors - People or businesses that are owed money – e.g. HMRC or suppliers that are waiting for payment.,

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