1. Entrepreneurship

3.  A summary of a company’s profit/loss over a specific time period.  It shows the income earned and expenses paid for a business in the period being recorded.

4.  Overall, it shows how well the business is doing by showing: ◦ Sales made ◦ Returns ◦ Costs ◦ Unexpected expenses

5.  Revenue ◦ The amount of money that is brought into a company by its business activities. ◦ Example: money paid by customers  Expenses ◦ The outflow of money. It is the costs that a business incurs through its operations to earn revenue. ◦ Example: Employee wages, electricity, etc. Total Revenue – Total Expenses = Net Income

6.  Cost of Goods Sold ◦ The direct costs attributed to the production of the goods sold by a company. Revenue - Costs = Gross Income

7.  Net Income ◦ A company’s total earnings.  Net Loss ◦ When expenses are greater then revenue  Net Income Video Net Income Video

8. Revenue - Cost of goods sold =Gross Income - Expenses =Net Income or Net Loss

10.  Columns – Vertical (Hint: Colosseum)  Rows – Horizontal (Hint: Road)  Cell - The intersection of a column and row