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What is Revenue?
All income that a business receives over a period of time.
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What is Expenses?
Expenses are the costs of operating a business
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What is a Budget?
Detailed plans for the financial needs of individuals, families, and businesses
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What is a Start-up Budget?
It's a plan that incorporates income and expenses from the beginning of a new business or an expansion until it begins to create a profit
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What is a Operating Budget?
The financial plan for ongoing operations of the business for a specific period.
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What is a Cash Budget?
An estimate of the actual money received and paid out for a specific period
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What is a financial record?
It is used to record and analyze the financial performance of a business
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What are the different types of records?
Asset Records, Depreciation records, inventory records, records of accounts, cash records, payroll records, and tax records
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What are assets?
What a company owns
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What are liabilities?
What a company owes
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What is owner's equity?
The value of the owner's investment in the business
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What is a balance sheet?
the assets, liabilities, and owner's equity for a specific date
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What is an income statement?
A report of the revenue, expenses, and net income or loss from operations for a specific period
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What is a payroll?
The financial record of employee compensation, deductions, and net pay
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What are payroll records?
Documentation used to process earnings payments and record each employee's pay history
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What is a direct deposit?
The transfer of net pay electronically into an individual's bank account
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What is a financial performance ratio?
They are comparisons of a company's financial elements that indicate how well the business is performing
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What are discrepancies?
Differences between actual and budgeted performance
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If the revenue is greater than expenses then the business will have a , If expenses exceed revenue, the business will have a
Profit, Loss
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What are the steps of the budgeting process?
Preparing a list of income and expenses, Gather info from business records for each type,Create a budget by calculating each type of income, expense, and the amount of net income or loss, explain the budget to others.
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What reports sum up the financial performance of a business?
Financial statements, balance sheet, sales, expenses, and profit
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What is the advice of deposit
A reciept
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Describe a cash record?
All cash received and spent on a business
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What are payroll records?
All employee information of the company, their compensations, and benefits
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What is depreciation records?
It Ids the amount assets have decreases in value due to their age and use
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