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Revenue
All the income that a business receives over a period of time
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Expenses
Costs of operating a business
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Budget
Detailed plans for the financial needs of individuals, families and business
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Start Up Budget
Plans income and expenses from the beginning of a new business until it becomes profitable
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Operating Budget
Describes the financial plan for ongoing operations of the business for a specific period
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Cash Budget
An estimate of the actual money received and paid out for a specific period
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Financial Records
Used to record and analyze the financial performance of a business
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Assets
Anything a business owns
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Liabilities
Anything a business owes
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Owners Equity
Value of the business investments
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Income Statement
To report revenue, expenses, and specific period
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Net Income
When revenue is greater than expenses
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Net Loss
Expenses are greater than income
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Payroll
the financial record of employee compensation, deductions, and net pay
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Payroll System
maintains information on each employee to be able to calculate the company's payroll
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Payroll Records
the documentation used to process earnings payments and record each employees pay history
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Earnings Report
provides information for the current pay period as well as the cumulative amounts for the year
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Pay Stub
The earnings report is attached to the pay check
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Direct Deposit
the employer transfers net pay electronically into the employees bank account
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Financial Performance Ratios
Comparisons of company's financial elements that indicate how well the business is performing
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Discrepencies
differences between actual and budgeted performance
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Business Budget
Anticipate sources and amounts of income for a business
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Profit
Revenue greater than expenses
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Loss
Expenses exceed revenue
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Payroll Taxes
Social security, Medicare, and unemployment taxes
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