Financial Management (Part 2)

Mathematics

Invoice

A record of goods or services supplied to customers and amounts to be paid by them.

Asset

what is being owned such as cash and property

Liability

Financial Responsibility or Debt

Interest

Money earned from the savings in the bank

Formula calculation of interest value

Interest value = interest rate x savings

Service tax

Tax needed to be paid on the services provided by certain businesses such as hotels and fast food restaurants