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Business Mathematics Exam Q&A

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BUSINESS MATHEMATICS EXAM Q&A

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BUSINESS MATHEMATICS EXAM Q&A
asset - ANSWER-money or property that has any worth to your business

accounts receivable - ANSWER-money customers owe your business

liability - ANSWER-amount you owe

accounts payable - ANSWER-when a business owes money to another business

creditor - ANSWER-a person or business to whom you are liable

capital - ANSWER-the amount of money invested (assets) minus the business liabilities

Capital = Assets - Liabilities - ANSWER-accounting equation for capital

balance sheet - ANSWER-a statement of financial condition which shows the business's
assets, liabilities, and capital
accounting - ANSWER-the keeping of money records

addition - ANSWER-the arithmetic process of combining numbers to reach a total

addends - ANSWER-the numbers combined in an addition problem

sum - ANSWER-the total in an addition problem

cash receipts - ANSWER-money earned/received

cash payments - ANSWER-money owed/saved

deficit - ANSWER-more payments than receipts

excess - ANSWER-more receipts than payments

minuend - ANSWER-the number being decreased in a subtraction problem

subtrahend - ANSWER-the amount of reduction in a subtraction problem

difference - ANSWER-the remaining amount in a subtraction problem

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