Finical management

  1. Revenue
    all income a business received over a period of time
  2. Expenses
    are the costs of operating a business.
  3. Budget
    provides detailed plans for the financial needs of individuals,families,and businesses.
  4. Start-up budget
    plans income and expenses from the beginning of a new business or major business expansion until it becomes profitable.
  5. Operating budget
    describes the financial plan for ongoing operations of the business for a specific period.
  6. cash budget
    is an estimate of the actual money received and paid out for a specific period
  7. Financial records
    are used to record and analyze the financial performance of a business.
  8. Assets
    are what a company owns
  9. liabilities
    are what a company owes
  10. owner's equity
    is the value of the owner's investment in the business.
  11. Balance sheet
    The assets, liabilities, and owner's equity for a specific date are listed on this
  12. income statement
    to report the revenue,expenses,and net income or loss from operations for a specific period.
  13. payroll
    is the financial record of employee compensation,deductions,and net pay.
  14. payroll records
    are the documentation used to process earnings payments and record each employee's pay history
  15. Direct deposit
    the employer transfers net pay electronically into the employee's bank account
  16. Financial performance ratios
    are comparisons of a company's financial elements that indicate how well the business is performing.
  17. Discrepancies
    are differences between actual and budgeted performance.
  18. Business budget
Card Set
Finical management
vocab words for chapter 12 for principals of business administration