Key Terms from Unit 8(Finance)

Stuart Smith
Mind Map by , created over 5 years ago

GCSE Business (Unit 8 Finance) Mind Map on Key Terms from Unit 8(Finance), created by Stuart Smith on 02/10/2014.

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Stuart Smith
Created by Stuart Smith over 5 years ago
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Key Terms from Unit 8(Finance)
1 Fixed Asset
1.1 An asset that is harder to turn into money and will stay within the business for a prolonged period of time. Examples include Machinery, Land and vehicles.
2 Current Asset
2.1 An asset that is easy to turn into money and will only stay in the business for a short time. Examples include Cash In Hand, Computer Peripherals and debtors.
3 Liability
3.1 This is what the business OWES to other business or people. Examples include Bank loans, overdrafts and Creditors
4 Solvency
4.1 Is there enough money to support the business and keep it running
5 Depreciate
5.1 This is where an asset will lose value over time. Examples often include Vehicles and Computer Equipment.
6 Appreciate
6.1 This is where an asset will increase in value over time
7 Profit and Loss account
7.1 The P&L calculates Retained Profit. It is also the name of one of the three sections within the P&L and this section is used to calculate net profit.
8 Balance Sheet
8.1 A statement showing the assets and liabilities of a company or institution at a particular time.

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