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Revenue
all the income a business receives over a period of time
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expenses
cost of running a business
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Budget
provides detailed plans for the financial needs of individuals, families, and businesses
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start-up budget
plans incomes and expenses from the beginning of a new business or a major business expansion until it becomes profitable
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operating budget
financial plan for on going operations of the business for a specific time period
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cash budget
estimate of the actual money received and paid out for specific period
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financial records
used to record and analyze the financial performance of a business
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assets
what companies own
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liabilities
what a company owes
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owners equity
value of the owner's investment in the business
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balance sheet
where assets, liabilities, and owners equity for a specific date are listed
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income statement
to report the the revenue, expenses, and the net income or loss from the operations for a specific time period
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payroll
financial record of employee compensation, deductions, and net pay
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payroll records
documentation used to process earning payments and record each employees pay history
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direct deposit
employer transfers net pay electronically into the employess bank account
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financial ratios
comparisons of a companies financial elements that indicate how well the business is performing
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