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The balance sheet is prepared for a period of time, generally a year.
AVC Curve
The Average Variable Cost curve, showing the per-unit variable cost of production at different levels of output.
Profit
The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
Fizzle & Sizzle
An informal term indicating the contrasting outcomes of events or products; "fizzle" for failing and "sizzle" for succeeding amazingly.
Implicit Cost
The opportunity cost associated with a firm's use of resources that it already owns, representing the income the firm foregoes by using these resources in its current capacity.
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