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Financial Records
Used to record and analyze the financial performance of a business.
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Asset Records
Identify the buildings and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets.
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Expenses
The costs of operating a business.
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Revenue
All income that a business receives over a period of time.
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Operating Budget
Describes the financial plan for ongoing operations of a business for a specific period.
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Owner's Equity
The value of the owner's investment in the business.
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Cash Budget
An estimate of the actual money received and paid our for a specific period.
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Business Budget
1. Anticipate sources and amounts of income for a business
2. Predict the types and amounts of expenses for a specific business activity or the entire business
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Liabilities
What a company owes.
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Pay Stub
An earnings report that is attached to the paycheck.
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Payroll
The financial record of employee compensation deductions, and net pay.
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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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Financial Statements
Reports that sum up the financial performance of a business.
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Income Statement
To report the revenue, expenses, and net income or loss for operations for a specific period, a business prepares this.
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Direct Deposit
The employer transfers net pay electronically into the employee's bank account.
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Payroll Records
The documentation used to process earnings payments and record each employee's pay history.
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Discrepansies
Differences between actual and budgeted performance.
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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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Budget
Provides detailed plans for the financial needs of individuals, families, and businesses.
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Balance Sheet
The assets, liabilities, and owner's equity for a specific date are listed on this.
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Payroll Taxes
When businesses are responsible for making required federal and state payments for each employee. These taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.
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Payroll System
Maintains information on each employee to be able to calculate the company's payroll and to make the necessary payments to each employee.
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Assets
What a company owns.
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Net Income Ratio
Shows how much profit is being made by each dollar of sales for the period being analyzed.
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Current Ratio
Current assets compared to the current liabilities.
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