Consumers Math Definition of Terms

Cash Budget – A plan of the use of one’s money
Cash Book – Actual records of daily expenditures
Inventory – a complete and detailed list of articles
Beginning Inventory – The goods on hand at the start of business
Purchases – Act of buying
Profit – The gain from a business
Gross – Whole, total
Net – Remaining amount after deductions
Sales – Total volume of selling
Operating expenses – Expenses incurred in the process of disposing of the goods bought such as rentals, taxes, wages, etc.
Cost of goods sold – It includes not only the actual amount paid for the goods but other expenses like transportation or freight charges.

Check book – A book of blank checks on a bank usually with record stubs.
Bank Statement – A monthly report sent by a bank to its depositors having a checking account.
Service Charge – A fee charged by a bank to its depositors handling their accounts.
Check – A written order made by a depositor directing his bank to pay a person or a business firm a specified sum of money.
Outstanding checks – A check issued but is still in the possession of the payee.

Cancelled Check – a check to which payment has been made
No Sufficient Funds check – A check issued originally by a person whose accounts cannot cover the value of the check.
Reconciling the bank balance – The process of bringing the checkbook balance and the bank statement balance into agreement with each other.
Deposit in transit – Deposits made too late to be included in the bank statement.
Salary – It refers to a fixed compensation for regular work and often paid at longer intervals.
Wages – It is an amount paid for a certain work usually on an hourly basis.
Overtime – Excess of regular hours worked.
Reciprocal – When one number is multiplied by another number and their product is one, the first is the reciprocal of the second or vice versa.

  1. me teacher :)))
    Johann Wong Berea -B

    • Great! Johann. Bereans…. don’t forget to register your name and section.🙂

    • Patrick C.
    • June 13th, 2012

    Thank you sir.

    Patrick C. Berea – B

    • Krishel Eunice Ngo
    • June 13th, 2012

    Thank you, teacher.🙂

    Eunice Ngo – Berea B

    • louis ng
    • June 13th, 2012

    Thank you teacher.

    Louis Ng-Berea A

    • eduardo-BereaB
    • June 14th, 2012

    thanks teacher

  2. Thank you, teacher.🙂

    Sandee Alonzo- Berea B

    • Joshua Uy
    • June 16th, 2012

    Thank you, teacher.

    Joshua Uy-Berea-A

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