Finance terminology

TBD

asset	equipment, furniture, buidings, cash, etc. (sub-classified as property, plant, equipment)
equity	amount of money returned to owners if all assets were sold, after paying all debts
liability

Assets

Resources a company owns or controls (ex. equipment, machinery, furniture, cash etc.)
subclassified as property/plant/equipment.

goodwill assets	acquisition for more than cost of identifiable-assets
intangible assets	copyrights, trademarks, etc.
returns	dividends, interest paid on an investment

Accounting

income/revenue	profit from sales, service, interest on loan
accounts receivable	money owed (ex. rent, loan payments, deferred tax)
accounts payable
interest payable
salaries payable
property tax payable
sales tax payable
income tax payable

Business Types

sole proprietorship	personal liability, taxed personally
partnership	shared liability, taxed personally
corporation	separate legal entity (liability/taxes), ownership by shareholders (public or private)