Sales turnover - Total income from sales of goods or services., Revenue - Income earned by the business., Profit and loss - Summary of income and expenses over a period., Accounting period - Timeframe covered by financial statements., Balance - Difference in an account, or final amount, Adjustment - Corrections made to financial figures., Stakeholders - Individuals/groups with an interest in the organisation’s finances/operations., Costs - Expenses incurred by the business., Gross profit - Revenue minus cost of goods sold., Net profit - Profit after all expenses, including overheads and taxes., Profit margins - Ratios expressing profitability (e.g. gross/net margin)., Assets - Resources owned by the business (e.g. cash, inventory)., Liabilities - Debts and obligations owed., Cash flow - Movement of cash into and out of the business., Retained profit - Profit kept in the business after distributions.,

General Financial Terms

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