Business flashcards 0.0 / 5 ? Business StudiesBalance sheetsGCSEEdexcel Created by: 13rowlandhCreated on: 27-02-18 11:21 What is an asset? Everything that a company owns and which has a money value 1 of 16 What is a liability? Everything that a company owes and which has a money value 2 of 16 What is a start up cost? A short term initial payment, made at the start or prior to a business opening 3 of 16 What is a running cost? A long term payment that takes place on a regular basis 4 of 16 What is a current asset An asset that will last less than a year 5 of 16 What is a current liability Bills that a firm has to pay soon 6 of 16 Give an example of a current asset Stock, money in the bank 7 of 16 Give an example of a current liability Overdrafts 8 of 16 Give an example of a start up cost Initial stock, Computers, a building 9 of 16 Give an example of a running cost Electricity bills, wages 10 of 16 What is a fixed asset? An asset that will last more than a year 11 of 16 Give an example of a fixed asset A bulding, computers 12 of 16 what is a long-term liabilty? Debts which are owned to others which will take more than one year to pay 13 of 16 Give an example of a long-term liabilty Bank loans 14 of 16 What is a renewal cost? costs that are for repairing and renewing equipment 15 of 16 what is an expansion cost? costs of installing more production lines, employing more staff 16 of 16
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