2. Credit: the ability of a customer to obtain goods or services
before payment, based on the trust that payment will be made
in the future.
3. Debit: an entry recording an amount owed, listed on the
left-hand side or column of an account.
Interest: a share, right, or title in the ownership of
property, in a commercial or financial undertaking, or
the like:
4. Interest: a share, right, or title in the ownership of
property, in a commercial or financial undertaking,
or the like:
5. Gross Pay: The total of an employee’s regular remuneration
including allowances, overtime pay, commissions, and bonuses, and
any other amounts, before any deductions are made.
6. Net Pay: Portion of a salary or wages that
an employee actually gets (takes home)
after paying all deductions and taxes.
7. Fixed Expenses: Largely same as fixed costs, except
that non-cash items such
as depreciation and depletion are not included.
8. Variable Expenses: An expense that can be traced
directly to (or identified with) a specific cost
center or cost object such as a department, process,
or product.
9. Consumable Goods: are capable of being
consumed; that may be destroyed, dissipated,
wasted, or spent
10. Durable Goods: goods not for immediate
consumption and able to be kept for a period of
time.
11. FICA or Federal Insurance Contributions Act (FICA):
tax is a United States federal payroll (or employment)
tax imposed on both employees and employers to fund
Social Security and Medicare—federal programs that
provide benefits for retirees, the disabled, and children
of deceased workers.
12. Salary: a fixed regular payment, typically paid on a
monthly or biweekly basis but often expressed as an
annual sum, made by an employer to an employee,
especially a professional or white-collar worker.
17. Mortgage: the charging of real (or personal) property by
a debtor to a creditor as security for a debt (especially
one incurred by the purchase of the property), on the
condition that it shall be returned on payment of the debt
within a certain period.
