The Growing Role of Online Tutoring in Education

The Growing Role of Online Tutoring in EducationOnline tutoring is one of the latest and fastest growing opportunities in the world of education. While the term itself does not sound that novel, the scope it covers is. More than anyone else, it is a worldwide phenomenon, making millions of people from different parts of the world to work for the benefit of the tutors and students alike.It has been a long time since the inception of formal school education. Many people grew up in such environment, where schooling was barely considered as a necessity for their survival. After all, people who were fortunate enough to receive an education were known to hold high positions in society, though it may have not been their first choice.This is no longer the case today, as such scenario changes radically in the country and the world. There are a lot of things that may happen when it comes to the idea of school. In this matter, online education is becoming very popular among students.Online tuto ring has become so popular that there are a lot of people who take advantage of the opportunity to enroll in a course for online education. Though there are a lot of online learning options available to people, such as private universities, there are also numerous institutions that offer degree programs through distance learning courses. These courses may be taken online, or over the internet, if that is the type of learning that a person prefers.Many people prefer to enroll in such courses for educational purposes. For some, it is a kind of recreational activity that brings them closer to the real world, while others would simply want to continue their studies in a more intensive way, in order to boost their knowledge and skill in a subject.Not only the schooling itself but also the attendance that will be required to complete such courses, depend on the nature of the course. If a person is willing to attend a lot of classes, they could also register for online tutoring programs.Th e online tutoring business is very lucrative for those who are ready to take advantage of the opportunity to expand their knowledge and skills. The cost that can be incurred in attending classes is not really that great. The fees for online learning include not only tuition but also other costs like textbooks, and other academic materials, and even many other miscellaneous expenses.

A Student Review of University of Miami

A Student Review of University of Miami The tutors behind Varsity Tutors are not just here to teachtheyre sharing their college experiences as well. Michael earned his bachelors degree in psychology from University of Miami in 2012. He currently specializes in biology tutoring, algebra tutoring, and more. See what he had to share about his experience at University of Miami: Describe the campus setting and transportation options. Michael: The University of Miami is located in a beautiful and affluent suburb fifteen minutes outside of Miami. The campus is extremely beautiful and very reminiscent of a tropical resort. It is very walkable, as it can take roughly fifteen minutes to walk from one end to the other. The university provides a shuttle that will take you around campus, as well as to local markets, malls, and other social venues. Freshmen are not allowed to bring a car to campus, but the majority of upperclassmen tend to have a car. The campus is very bike-friendly, and ZipCar is available for those who dont have a car but would like to rent one for the day. How available are the professors, academic advisers, and teaching assistants? Michael: Most classes at UM are fairly small, with the largest being around 120 students. Advising is integrated throughout your undergraduate experience at multiple levels, and students are given as much guidance as they desire. The university cares about ensuring students graduate on time, and there are many advisors to help you achieve your academic goals. Teaching assistants usually help with workshop sessions and laboratory segments of courses. They are usually graduate students at UM and are very approachable. How would you describe the dorm life rooms, dining options, location, socialization opportunities with other students at University of Miami? Michael: The dorms are like most other college campuses, with a good mixture of single and double occupancy rooms. Upperclassman can live in beautiful on-campus apartments (ranging from a one bed, one bath to a four bed, four bath). There are many dining options available with convenient hours. Dorm life is what you make of it. Freshman year in the towers is a great social experience. Which majors/programs are best represented and supported? Michael: The College of Arts Sciences is probably the division of the university I am most familiar with. I was a psychology major and it was one of the largest departments at the university. The guidance, faculty, and support staff were phenomenal, and I still keep in touch with many to this day. I also took pre-med courses, and the university has a very comprehensive pre-health advising system to help students gain admission to highly competitive graduate fields in medicine. How easy or difficult was it for you to meet people and make friends as a freshman? Does Greek life play a significant role in the campus social life? Michael: Making friends is an integral part of the college experience. At UM, students come from all over the US and the world, making for a very diverse community. There is a strong sense of family amongst the students, and making friends that share interests in common with you is not hard. Greek life exists, although its not huge. Its there if you want it, and can open the doors to many life-long friendships and networking opportunities. How helpful is the Career Centerand other student support services at University of Miami? Michael: The career center at UM is top-notch, and they will make individual appointments with you to help you with your resume, CV, and interviewing skills. They provide excellent career guidance and host many networking events and career fairs. Students at UM do very well finding postgraduate job placement. How are the various study areas such aslibraries, the student union, and dorm lounges? Michael: If you havent seen pictures of the campus, you need to check them out online. Its beyond beautiful and many of these picturesque areas are devoted to academic studies. Overcrowding is never an issue, as UM is a relatively small university. Describe the surrounding town. Michael: Coral Gables is an affluent suburb of Miami that is exceptionally safe and beautiful. There are outdoor malls, concert venues, public parks, and waterfront dining all within a five-minute drive from campus. Downtown Miami and South Beach are only 15 minutes away via car, and there is a metro station right by the university. How big or small is the student body? Were you generally pleased or displeased with the typical class sizes? Michael: I found the size of UM to be perfect. There are about 10,000 undergraduate students total. Typical class sizes were around 20 for me, with my largest being in introductory science classes (usually around 120 students). I never felt overwhelmed by the sizes of my classes. Describe one memorable experience with a professor and/or class. Perhaps one you loved the most or one youregretthe most. Michael: I loved my academic experience at UM, and really fell in love with a course on abnormal psychology. The professor was outstanding and was really passionate about serving the community. The classes at UM are small enough to get to know your professors, which opens doors for many great networking opportunities. Check out Michaels tutoring profile. The views expressed in this article do not necessarily represent the views of Varsity Tutors.

5 Things First-Generation College Applicants Should Know

5 Things First-Generation College Applicants Should Know The following is a guest post written by Sarish Kasat of Admissionado, a premier college admissions consulting company focused on helping students get into their dream schools. No matter your background, the college application process can be a beast. From targeting schools and taking campus tours, to tracking down letters of recommendation and (maybe the most important thing of all) telling a compelling narrative throughout your application, theres, well, just a ton to consider. And if you dont have the good fortune of having parents, siblings, relatives, or friends who have actually gone through the process themselves, things can get even hairier. Welcome to the world of first-generation college applicants. Whether a student is considered a first-generation applicant simply because their parents never attended college, or because their parents are immigrants who have never navigated the U.S. college landscape, the additional barriers these students face can be daunting to say the least. Lets face it, applying to college isnt simple for anyone. When you start with the complexity that is the nature of the beast, and then add elements such as language barriers and a lack of a natural support system, the process can get downright scary. And many times, it can contribute to continuing on-campus struggles. Its not all bad though. There are a plethora of helpful resources available to first-generation students. The key to success is simply figuring out how to gain access to or utilize these resources. Thats why weve put together a quick list of advice for first-generation college applicants. 1. Mentors can provide much-needed, real-world guidance2. There are scholarships and grants out there, specifically for you3. Many resources are available in the community4. Many campus resources are available to help you succeed5. Professors and advisors are there to help (so talk to them!) Now, lets break these things down one-by-one with some next steps to help guide you through the process and get you started. 1. Mentors can provide much-needed, real-world guidance Three words: find a mentor. It could be a teacher, guidance counselor, advisor, or coach. It could be the older sibling of a friend whos already gone through the college application process, or even a member of your local community center. The basic thing to remember here is that there are a ton of people out there who are willing to help you, but you have to raise your hand and ask them for help. Its important to find someone who can guide you through this process and help you make more informed decisions. If your head is spinning trying to think about who is the best candidate, simply start by asking a trusted teacher or stopping by your guidance counselors office to talk about college. The possibilities here are endless, but the mantra is singular: find a mentorsomeone you trust. 2. There are scholarships and grants out there, specifically for you What if I told you that there is money out there that exists specifically to help pay for your college education? Believe it? Its true. Now, more than ever before, people (and companies) are taking note of the obstacles first-generation students face, and many organizations are trying to find ways to help. One of these ways is by offering scholarships specifically for first-generation college students like you! Open your favorite browser (if youre not in it already) and start looking for opportunities. Google is your best friend here. You can also use websites like Fastweb, College Board and Unigo to help find scholarship opportunities that are relevant for you. The Admissionado First-Gen Ten is a great scholarship opportunity to check out as well, as it is specifically for first-generation students. And, as always, dont be afraid to ask your mentors for help in the search. 3. Many resources are available in your community Its no secret that academic advisors and counselors are often spread thin across hundreds and hundreds of students. This can make it difficult to schedule a meeting with them, and can leave students (and parents) feeling like theyre getting the short end of the stick when it comes to advising them on their future. Luckily, there are organizations like ImFirst.org that exist specifically to help guide first-generation students and their parents through the process. Find local organizations like this in your community or connect with national ones like Im First. 4. Many campus resources are available to help you succeed Once youre on campus, its easy to become overwhelmed with your surroundings, but rest assured, the majority of your surroundings are designed to help you succeed! Aside from talking to your professors and advisors regularly (which well get to in a moment), make sure you visit your schools career and writing centers whenever possible. These are free resources that can help you think through your career path and make sure youre on the right track in terms of identifying a major, minor, courses, and everything else that will help you maximize your college experience. You should also consider joining a first-generation student organization at your school. An organization such as this will expose you to older students who have been in your shoes and are brimming with good advice. Additionally, an organization like this will, in time, give you the opportunity to mentor and support incoming first-generation students. Pay it forward, right? Check out the Campus Life section of your schools website to look into any on-campus organizations you think youd like to join. Lastly, look for opportunities to land an on-campus job, become part of other on-campus organizations, and/or take part in resident-life activities in your dorm. Especially if language is a potential barrier for you, these are amazing opportunities to 1) meet and engage with other people and 2) practice your soft skills. This not only forces you out of your comfort zone, but also encourages you to nurture existing interests and find some you didnt even know you had. 5. Professors and advisors are there to help (so talk to them!) Much like weve advocated that you talk to your high school teachers and guidance counselors, once youve enrolled in college, start building relationships with your professors right away. We recommend attending office hours and introducing yourself to at least one or two professors that you genuinely admire or respect. Get to know them and make sure they know you as well. It can definitely be intimidating to introduce yourself to a professor (which is why so many students coast through their courses without doing so), but youll find that, in almost all situations, theyre very happy to interact with you. Making sure that you stand out to them, as both a human being and a courteous, engaged student, will pay dividends in the future. Additionally, most new students are assigned an academic advisor when they start school. Make sure to utilize this person! Your advisor can help guide you through selecting a major, minor, specialization, and/or concentration, as well as provide you with valuable information on specific courses. They can also connect you to other types of academic support services available on campus such as tutoring and writing centers. Once youve decided on a major, your faculty advisor will be another resource. They can offer you real-world guidance geared specifically toward the field youve chosen to study, which is extremely valuable. All in all, its important to remember that you arent in this crazy college thing by yourself. There are so many people and resources available to help you succeed, both on the way to college and once youre there. Sometimes, the hardest part is just finding them and being courageous and disciplined enough to utilize them. Be confident in yourself, and youll be hurdling every obstacle in no time! The views expressed in this article do not necessarily represent the views of Varsity Tutors.

The Midpoint Formula Tutors

The Midpoint Formula Tutors A 2-dimensional coordinate plane consists of X and Y axis and in this plane any point can be located by representing it through the x and y coordinates. If a line is joining two points represented as (x1, y1) and (x2, y2), then we can find the midpoint of the line using the formula: [(x1 + x2)/2, (y1 + y2)/2]. This midpoint formula helps us calculate the coordinate of the point which lies in the middle of any line in the 2-dimensional coordinate plane. Example 1: Find the midpoint of the line whose endpoints of the line are A (2, 3) and B (4, 5). Given points: A (2, 3) and B (4, 5) Midpoint of a line, (x, y) = [(x1 + x2)/2, (y1 + y2)/2] Here given point A= (x1, y1) = (2, 3) and point B= (x2, y2) = (4, 5) This gives: midpoint of the line AB = (x, y) = [(2+ 4)/2, (3+ 5)/2] = (6/2, 8/2) = (3, 4) Hence the midpoint of the given line AB is (3, 4). Example 2: Find the midpoint of the line whose endpoints of the line are X (-1, 4) and Y(3, -6). Given points: X (-1, 4) and Y (3, -6) Midpoint of a line, (x, y) = [(x1 + x2)/2, (y1 + y2)/2] Here given point X= (x1, y1) = (-1, 4) and point Y= (x2, y2) = (3, -6) This gives: midpoint of the line XY = (x, y) = [(-1 + 3)/2, (4+ (- 6))/2] = (2/2, -2/2) = (1, -1) Hence the midpoint of the given line XY is (1, -1).

How Higher Order Thinking Skills Lead to More Effective Problem Solving

How Higher Order Thinking Skills Lead to More Effective Problem Solving Solve Problems More Effectively Through Higher Order Thinking ChaptersWhat Is Thinking About?What Are Problems Solving Skills?How to Turn a Student into a Problem SolverThe Role of Problem-Solving in Higher Order ThinkingAs we all know, some problems have easy solutions and others require a bit more thought.By that, we obviously don’t mean thinking about a problem for a longer period of time while using the same parameters and variables.Problem-solving entails examining a situation from a variety of perspectives and with a host of different aspects to arrive at the best solution â€" not just for that problem but for the larger framework in which it manifested.What, exactly, are we talking about, here?We do not mean to infer that word problems in a math assignment represent the opportunity to apply problem-solving skills in the classroom.Such problems demand logical thinking, not critical thinking which leads to problem-solving.Who knew that there were so many different types of thinking involved in solving problems?This article examines the p remise of higher-order thinking, its component part called problem-solving and how critical thinking skills are vital to the effort.By asking the right questions, teachers are instrumental in helping student groups think Image by succo from Pixabaya single definition that wholly characterises thought.  Specialists in educational psychology are equally at loggerheads over the issue.Clearly, students must be given information â€" that is done by someone who is knowledgeable of facts... in other words, a teacher.Ideally, students would process that information, arrive at conclusions and connect concepts to form a knowledge base into which they will integrate new facts.Now things get a bit more tricky.Our school teachers are very good at imparting information. Given the chance, they would be equally adept at guiding students as they work with this information.The trouble is, in our current curriculum standards, there is usually only room for one learning activity: either presenting new information OR working with said information.Generally, the latter aspect of learning is relegated to homework assignments. In such instances, tutors are instrumental in helping students gain thinking skills.To be a problem solver, you must be an active listener! Image by Couleur from PixabayWhat Are Problems Solving Skills?Problems are opportunities in work clothes â€" Henry Kaiser, IndustrialistIn the workplace, problem-solving is generally defined as the ability to manage difficult situations and complex challenges.Do such situations exist in classrooms across the UK?As far as academics go, primary and secondary school students are usually not confronted with situations where they would need problem-solving skills.However, cultivating such abilities in the early stages of education would serve students well a bit later in life, perhaps at the undergraduate and graduate levels; and most certainly will impact their career goals.Thus, were students trained to solve problems as early as possible, it would benefit not just student learning but society as a whole.The question remains: if students are unlikely to encounter situations where problem-solving skills are needed, how should those skills be taught?Let’s break down exactly what problem-solving skills involve:Creativity â€" an aspect of student intellect that is unfortunately suppressed in the course of formal education.Communication: there is a distinct lack of opportunity for talking in class!Active listening â€" we hope our kids listen to their teachers but there is little chance in a group setting to practise active listening.Research and analysis: these skills play a limited role in classroom learning; they are more the purview of after-school assignmentsTeam building: in the current teacher-led instruction model, there is no place for this facet of problem-solving.Even under the current teaching demands, there is still room for teachers to help their students cultivate these skills.Do you know the difference between critical thinking and higher-order thinking?How to Turn a Student into a Problem SolverWe’re not taught how to think â€" Sasuke, university studentThis particular undergraduate student hit the nail on the head with her assertion.As far as our general education standards are concerned, a school teacher’s primary function is to push information and do their best to ensure high test scores.For educators, this is particularly galling because it appears that those aims and student achievement are mutually exclusive propositions if you consider that said achievement should mean that every student would become a critical thinker and problem solver.An effective way around that is to embrace active learning and creative thinking in everyday class activities.Teaching strategies could evolve to include asking open-ended questions which would challenge students’ comprehension of the material at hand.Naturally, inviting discussion would not necessarily work well in math and science classes; STEM facts are pretty much indisputable.  In such classes, a certain amount of memorization is necessary but the assigned work need not be a test of memory.For teachers of those subjects, group study would be an effective way to cement new knowledge. Furthermore, assigning project-based learning activities could have a formative influence on student learning.Here’s how such an assignment may look.Subject: math. The topic: percentages. The assignment: calculate a budget for a fictitious country.Students must first discuss what must be paid for: education, healthcare, environmental protection, civic matters such as road maintenance and policing, to name a few.Next, they would collectively calculate what percentage of funds should be allocated to each. The assignment culminates in a presentation of each group's proposed budget.Classroom activities such as these encourage students to think beyond their personal experiences and they elicit interest (who doesn’t l ike money!) all while making use of their newly-gained math skills.As for the educator in the room, s/he needs only to go from group to group, asking the types of questions that would stimulate further thought.Such a pedagogy is the trademark of a master teacher; it sets the stage for student engagement better than any teacher-centred methodology ever could!Allowing students to work as a team is a good way to build problem-solving skills Image by Alexas_Fotos from PixabayThe Role of Problem-Solving in Higher Order ThinkingWe described in a sister-article how higher-order thinking comprises of both critical thinking and problem-solving.The concept of higher order thinking itself has its roots in various learning taxonomies, among them Blooms Taxonomy.Benjamin Bloom, an American educational psychologist, theorised that learning follows a certain hierarchy determined by the complexity and specificity of what being learned.There is more than one way that we learn and, to make learning e ffective, all three domains should be addressed.Remember how we used the words affective, cognitive and psychomotor  earlier in this article?According to his theory, those are the three domains under which learning is classified.Applying this model, we see that psychomotor learning starts very early â€" in infancy, and then effective learning follows shortly after, as toddlers discover emotions and how to manage them.Cognitive learning really takes off once a child starts school; in fact, throughout a person’s academic career, this type of learning is the one that is overwhelmingly addressed while the other two domains are mostly ignored.That assertion poses a very serious question: if we do not teach students to reason according to emotional as well as intellectual knowledge, are we creating cognitive disparities that will ultimately affect how people function in society?Instructional strategies that incorporate both problem-solving and critical thinking would be an effective sol ution to that admittedly gloomy projection.Posing higher order thinking questions such as ‘Can you give me an example of...’ or ‘What is the difference between...’ takes students away from the mere spilling of facts on demand and smack into critical thinking territory.They draw on students’ prior knowledge and cause them to reflect on dissimilar or not-conspicuously related concepts.Let’s go back to our fictitious country budget example, only this time we project a student who has a severe medical condition that causes many trips to AE.As s/he reflects on the assignment, s/he remembers how many times s/he has taken ambulance rides and has had emergency medical treatment.Drawing on this experience, s/he would urge his group to include funds for emergency medical care into their budget â€" a facet of government budgeting that perhaps other students would not think to incorporate into their plan.This student and that group have moved beyond rote work. They are drawing on th eir multiple intelligences to complete that assignment most creatively.Later, as they share their work in class, other students could learn from their example, meaning that everyone enjoys enrichment!Meanwhile, the teacher may bask in the warm glow of being a knowledge facilitator...Tutors: know when to back off of a higher-order thinking exercise!

What to Know About AP Exams in 2017

What to Know About AP Exams in 2017 Because tests are constantly evolving, it can be difficult to keep track of everything you need to know. As we enter into 2017, it may help to think about AP exams in their entiretyevery test you could take, when theyre scheduled, and what youll need to do to prepare. While knowing the logistics of your exams is only the beginning, it is a crucial step in achieving your testing goals. Here is what you should know about AP exams in 2017: Where and when do I take my 2017 AP exams? If you remember the month of May, youre in good shapeall AP exams for 2017 take place during two weeks in May (May 1-5 and May 8-12). For a more specific breakdown, check the College Board's schedule. Students are not allowed to take AP exams early, and local coordinators will announce test locations. If youve got two exams at the same time, you can reschedule one of them for later in May. By July, you should know how you did on your examby mid-July, you should have the results of any exams youmay have rescheduled to take later in May. [RELATED: A Scoring Guide to AP Exams] How do I register for my 2017 AP exams? Of course, youll have to first register for AP exams, which must be done through your school with an accompanying fee. Begin by inquiring as to whether or not your school has an AP exam coordinatorthat person should have all the information necessary and can advise you on appropriate coursework, though you are not required to take the corresponding AP course in order to take the exam. If your school does not offer AP classes (or if youre homeschooled), you should contact AP Services no later than March and ask them to put you in touch with a local coordinator who can help you out. What should I bring to my AP exam test days? While it may seem like months away, it doesnt hurt to know well ahead of time what youll need to have with you test day. For instance, youll need to know your schools six-digit code (theres one for homeschooled students as well). If youre taking an exam at another school, be sure to use the code for the school you attend. For a more comprehensive list of materials you can and cannot bring, check the College Board site. How should I prep for my 2017 AP exams? Believe it or not, May will be here before you know itand students who study appropriately are more likely to perform infinitely better on their AP exams. Now is a great time to commit to taking one or more exams. Knowing theres a test in your future makes it easier to pay attention and form a study plan that will work for you. If you havent already, consider meeting with your high school guidance counselor to seek any advice on AP exam prep. You may also want to take a closer look at identifying your learning style. Both of these actionable steps can help you tailor an AP test prep plan that works for you. Bonus tip: dont forget about practice tests! There are many free AP practice tests to help you determine your strengths and weaknesses. [RELATED: What You Need to Know About the New AP Calculus Exams] Finally, make a detailed timeline to give you an idea of what will be necessary and when as you prepare for your 2017 AP exam(s). If youre taking a corresponding AP class, you might note when youre going to cover certain topics, particularly if you feel like you may need extra study time with them. If youre taking the exam without an accompanying course, make a more detailed schedule of when youll independently cover exam topics. Be sure to give yourself plenty of time to address problem areas and sharpen your skills. Take preparation seriously and youll be on your way to a stellar AP score! Any topics you want to know more about? Let us know! The Varsity Tutors Blog editors love hearing your feedback and opinions. Feel free to email us at blog@varsitytutors.com.

Accounting Glossary

Accounting Glossary Accounting Activities Accounting vocabulary word cloud Accounting Activities French translations English definitions Pronunciation Accounting vocabulary card game Accounting Listening Resources Careers: The Real World of Accounting How to use AccountingCoach.com to Learn Accounting for Free Accounting Reading Resources A day in the life of an Accountant/Auditor What can I do with a degree in Accounting? 3 Reasons to Become an Accountant 5 Reasons Why You Should Become an Accountant 3 Reasons to Pursue a Financial Profession Grammar for  Accounting Online ESL grammar checker Glossary of Accounting account A record or statement of financial expenditure or receipts relating to a particular period or purpose. account payable A liability account showing how much is owed for goods and services purchased on credit; the problem was to match receivables and payables in the same currency account reconciliation The act of confirming that the balance in ones checkbook matches the corresponding bank statement. Accounting The systematic and comprehensive recording of financial transactions pertaining to a business. accounts receivable Sales made but not paid for by customers (trade debtors), shown as current (short-term) assets in a balance sheet and are, in fact, unsecured promises by customers to pay accumulated depreciation The total depreciation on a tangible asset accumulated up to a specified date. This amount is subtracted from the original cost or valuation of the asset to arrive at its book value. amortize Reduce or pay off (a debt) with regular payments amount A quantity of something, especially the total of a thing or things in number, size, value, or extent asset An item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies assignment credit The book credit leveraged against the fiduciary assignment of a companys receivables. association An organization of people with a common purpose and having a formal structure. balance sheet A financial statement that summarizes a companys assets, liabilities and shareholders equity at a specific point in time balance sheet analysis An analysis of a companys assets, liabilities and equity usually conducted at set intervals, such as quarterly or annually. bank loan Money borrowed from a bank bankruptcy A legal proceeding involving a person or business that is unable to repay outstanding debts. breakeven point The point at which the income from the sale of a product or service equals the invested costs, resulting in neither profit nor loss; the stage at which income equals expenditure. budget An estimate, often itemized, of expected income and expense for a given period in the future. budgetary accountability The process in Government Accounting of recording budgetary amounts in the accounts of a fund. capital account That part of the balance of payments recording a nations outflow and inflow of financial securities capitalized interest Interest that is not immediately expensed, but instead is treated as an asset and amortized over time in the income statement. cash cycle The length of time between the purchase of raw materials and the collection of accounts receivable generated in the sale of the final product. cash flow The total amount of money being transferred into and out of a business, especially as affecting liquidity. charge off The declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. chart of accounts A created list of the accounts used by a business entity to define each class of items for which money or the equivalent is spent or received. commission the act of committing or giving in charge conservatism The belief that business systems should follow a safe approach to business practices. contract An  agreement between two or more parties to do or not do something specified. credit The deduction of a payment made by a debtor from an amount due. current assets Any asset expected to last or be in use for less than one year. current liabilities Obligations such as deferred dividend, trade credit, and unpaid taxes, arising in the normal course of a business and due for payment within a year. customer A party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers. debt Something, typically money, that is owed or due. debtor A company or individual that owes a sum of money. deferred revenue Revenue that is considered a liability until it becomes relevant to the business at hand, such as a payment received for work that has not yet been performed. discount A deduction from the usual cost of something. doubtful account Name given to an account that records the sums (accounts) whose collection looks uncertain. Such accounts are termed bad debts and are usually written off against the profit of the firm as expense. down payment An initial payment made when something is bought on credit. employer A person or business that employs one or more people, especially for wages. equity Total assets minus total liabilities; also called net worth or book value. expenditure The act of expending something, especially funds; disbursement; consumption. federal Pertaining to or of the nature of a union of states under a central government distinct from the individual governments of the separate states. finance The management of revenues; the conduct or transaction of money matters. financial statement A document showing credits and debits. fixed costs A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries and wages. free cash flow The amount of cash that a company has left over after it has paid all of its expenses, including investments. functional currency Currency of the country (called the primary environment ) in which a firm conducts its business activities and generates most or all of its income and expenses. goodwill An intangible asset that arises as a result of the acquisition of one company by another for a premium value. gross income Receipts and gains from all sources less the cost of goods sold. Also called gross margin and gross profit. gross profit Sales minus all costs directly related to those sales, including manufacturing expenses, raw materials, labor, selling, marketing and other expenses. intangible asset Reputation, name recognition, and intellectual property such as knowledge and know how. interest A charge for a loan, usually a percentage of the amount loaned. interest expense The amount allocated for interest payments made by a company. investment The action or process of investing money for profit. leasehold improvement A physical improvement made to a facility by a lessee that enhances the value of the facility. liability An obligation that legally binds an individual or company to settle a debt. license Authorize the use, performance, or release of something. liquid assets Assets in the form of cash. liquidity The availability of liquid assets to a market or company. loan A sum of money borrowed and expected to be paid back with interest. loss The result of selling assets for a price lower than the original purchase price. margin The difference between a sale price and a cost. margin of safety An excess of a company’s actual sales revenue over the breakeven sales revenue, usually expressed as a percentage. mortgage A debt instrument that is secured by the collateral of specified real estate property and that the borrower is obliged to pay back with a predetermined set of payments. net earnings The total revenue in an accounting period minus all expenses during the same period. opening balance The new amount on their balance sheet after financial statements are completed. operating expense An expense incurred in carrying out an organizations day-to-day activities, but not directly associated with production. overdraft A loan arrangement under which a bank extends credit up to a maximum amount against which a current checking account customer can write checks or make withdrawals. pension A regular payment made during a persons retirement from an investment fund to which that person or their employer has contributed during their working life. periodic inventory system A system where a business calculates its inventory by physically counting items at end of each accounting period rather than updating inventory continuously. perpetual inventory system A system where a business updates the quantity and availability of its inventory on a continuous basis, after each purchase or sale. prime cost The direct cost of a commodity in terms of the materials and labor involved in its production, excluding fixed costs. profit A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. purchase Acquisition through the payment of money or its equivalent. real estate Property consisting of land or buildings. residual value Estimated scrap value of an asset at the end of its economic or useful life. retained earnings Profit generated by a company that is not distributed to shareholders as dividends but is either reinvested in the business or kept as reserve for specific objectives. return on net assets A measure of a companys financial performance, equal to net income divided by the sum of fixed assets and net working capital. running cost Money spent by a company for the purpose of managing the business and/or for operating machinery for use in the business. salary A fixed amount periodically paid to a person for regular work or services. share A unit of account for the capital or stock of a company. shareholder An owner of shares in a company. solvency The ability to meet maturing obligations as they come due. stock The capital raised by a business or corporation through the issue and subscription of shares. tangible asset Equipment, machinery, plant, property that has long-term physical existence or is acquired for use in the operations of the business and not for sale to customers. tax A compulsory contribution to state revenue, levied by the government on workers income and business profits or added to the cost of some goods, services, and transactions. transfer pricing The price that is assumed to have been charged by one part of a company for products and services it provides to another part of the same company, in order to calculate each divisions profit and loss separately. trial balance A statement of all the open debit and credit items in a double-entry ledger, made to test their equality. variable cost A periodic cost that varies in step with the output or the sales revenue of a company. Variable costs include raw material, energy usage, labor, distribution costs, etc. wages Money that is paid or received for work or services, as by the hour, day, or week.       Please follow and like us: