Learning Financial Terms

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Mike Kuse

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Description

This is an excerpt from an educational video which provides definitions for common financial terms.

Vocal Characteristics

Language

English

Voice Age

Middle Aged (35-54)

Accents

North American (General) North American (US General American - GenAM)

Transcript

Note: Transcripts are generated using speech recognition software and may contain errors.
as a business owner, you know, you need to look at your financial statements to understand the health of your business and how to plan for growth. Here are 13 basic terms you'll need to find your way around your financial statements. Let's start with revenue and expenses. Revenues. What a business earns when it sells a product or service When this restaurant's customers pay by cash or card, or send an invoice for catering completed. That's revenue, even if cash isn't received right away and expenses when resource is air used to generate revenue paying a supplier employees the rent and utilities are all common expenses. But again, this may not mean that cash has paid out. When the restaurant pays a vendor and cash creditor check, it's an expense and managing your business. It's important to recognize the difference between two kinds of expenses. Costs of goods sold or costs of sales and operating expenses.