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When you’re an entrepreneur, there’s more to having a good vocabulary than just knowing a few 50-cent words. There’s a specific set of terms that will help you navigate the business world and elevate your credibility among your professional peers.

Memorize and understand the terms below, and you’ll be well on your way to building a healthy business vocabulary.

Expenses: Total costs of running a business, including supplies, investments, staff, equipment, etc.

Overhead: The general cost of operating a business

Product: The good or goods sold for profit

Budget: The amount of money a business can spend to operate

Accounting: The process of recording detailed financial information

Outsourcing: Hiring workers outside of the company to perform services on behalf of the company

Return on investment (ROI): The amount of money a business gets in return for a particular investment

Revenue: The entire amount of money earned before a business subtracts expenses

Profit: The amount of money earned after a business subtracts expenses

Assets: The entire value of a company, including its holdings

Liabilities: How much a business owes

Net worth: Assets minus liabilities

Now that you have these terms under your belt, it’s time to earn revenue and start profiting from your product!