Vital vocabulary

Test your knowledge of some valuable business concepts by dragging each term into the correct blank.

Cost of goods sold
Fixed costs
Variable costs
The copy machine you bought increases what your business is worth.
The money you owe.
The products, or merchandise, that you offer for sale to your customers.
A manufacturer's expense for materials they use to make products.
Expenses that are the same amount every month, such as rent or equipment leases.
Expenses that may change from month to month, such as electricity or taxes.
The amount of monthly fixed and variable costs required to be open for business.
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To succeed in business: 1. Keep your overhead as low as you can. 2. Know your customers and put them first. 3. Keep good records to make smarter decisions; you can’t manage what you don’t measure.
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Six basic skills Vital vocabulary Vital vocabulary cont. Three types of small business credit