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Can you describe what expense is?
Money that is spent to purchase goods or services to be used by a company
Can you describe what is a balance sheet?
A detailed summary of a company’s financial condition at a specific point in time, taking into account their assets, liabilities and equity
What is one asset?
Something that is legally owned by a person or company
What is the liability?
The state of being legally responsible for something
What is the interest?
The extra money that you pay back when you borrow money or that you receive when you invest money
What is a debt?
A sum of money that somebody owes
What is the revenue?
the money that a government receives from taxes or that an organization, etc. receives from its business
What is the Net Income (NI)?
The Net income (NI) is calculated as revenues minus expenses, interest, and taxes.
What is the Net Worth?
Net worth is the value of the assets a person or corporation owns, minus the liabilities they owe. It is an important metric to gauge a company's health.


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