The revenue earned by a business from its normal business operations. (p. 475) cost of merchandise sold 2. The amount of sales, less sales discounts and sales returns and allowances. (p. 475) 3. The original price of all merchandise sold during a fiscal period. (p. 476) 4. The revenue remaining after cost of merchandise sold has been deducted. (p. 476) 5. The expenses incurred by a business in its normal operations. (p. 478) 6. The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted. (p. 478) 7. A financial statement that shows changes in a corporation's ownership for a fiscal period. (p. 482) 8. A value assigned to a share of stock and printed on the stock certificate. (p. 483) 9. Liabilities due within a short time, usually within a year. (p. 489) 10. Liabilities owed for more than a year. (p. 489) 11. A report prepared to give details about an item on a principal financial statement. (p. 492)