BY: LYDIA MARTIN JOLIE RICHARDS SARAH MCALLISTER

TOTAL REVENUE  Is total receipts of a firm from the sale of any given quantity of a product.  It can be calculated as the selling price of the firm's product times the quantity sold.

GROSS PROFIT  a company's residual profit after selling a product or service and deducting the cost associated with its production and sale.  To calculate gross profit: examine the income statement, take the revenue and subtract the cost of goods sold

OPERATING EXPENSE  is the sum of a business's operating expenses for a period of time, such as a month or year  operating expense is the money spent turning inventory into throughput.

OPERATING INCOME  Operating Income is typically a synonym for earnings before interest and taxes

NET INCOME  is an entity's income minus cost of goods sold, expenses and taxes for an accounting period

NET PROFIT MARGIN  A ratio of profitability calculated as net income divided by revenues, or net profits divided by sales  It measures how much out of every dollar of sales a company actually keeps in earnings.

CUSTODIAN  a person who has responsibility for or looks after something, someone who is looking after the petty cash systems.

VOUCHERS  a small printed piece of paper that entitles the holder to a discount or that may be exchanged for goods or services. Small printed document that allows you to get cash from the petty cash system.

RECONCILIATION  the action of making one view or belief compatible with another. Ties in with petty cash systems by making sure that the money you took out is put back in the petty cash system.

REPLENISHMENT  a process that occurs regularly. If vendors only offer merchandise in a limited number of shipments – common in the fashion industry – merchandise planning and allocation should be used to support ordering.

QUICK BOOKS  set of software solutions designed to manage payroll, inventory, sales and other needs of a small business. The software's features include marketing tools, merchant services, product and supplies, training solutions.

PETTY CASH SYSTEMS  Policies, procedures, and controls a company has on paying for miscellaneous needs (ex: office supplies)

PETTY CASH SYSTEMS (CONT)  There must be a consistent amount of money in the fund  Ex: $100 in your petty cash fund and send $90 of that cash in the month, $90 will be then placed in the fund to bring the balance back to $100.