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Revenue
All income that businesses receive over a period of time.
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Expenses
The costs of operating a business.
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Budget
A detailed plan for the financial needs of individuals, families, and businesses.
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Start-Up Budget
Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
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Operating Budget
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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Asset
What a company owns.
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Liability
What a company owes.
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Owner's Equity
The value of the owner's investment in the business.
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Balance Sheet
The assets, liabilities, and the owner's equity for a specific date.
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Income Statement
A report of the revenue, expenses, and net income or loss from operations for a specific period.
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Payroll
Financial record of employee compensation, deductions, and net pay.
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Payroll Records
The Documentation used to process earnings payments and record each employee's pay history.
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Direct Deposit
The employer transfers net pay electronically in to the employee's bank account.
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Financial Performance Ratios
Comparisons of a company's financial elements that indicate how well the business is performing.
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Discrepancies
Difference between actual and budgeted performance.
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