12-1 Vocab
Revenue - All income that a business receives over a period of time; government income.
Expenses - Cost of operating a business
Budget - Detailed plans for the financial needs of individuals, families, and business
Start-Up-Budget - Plans income and expenses from the beginning of a new business or major business expansopn untill it becomes portable.
Operating Budget - Descrives the financial plan for ongoing the operations of the business for a specific period of time.
Cash Budget- As Estimate of the actual money received and pain out for a specific period of time.
12-2 Vocab
Financial Records - Financial documents that are used to record and analyze the financial performance of the business.
Assets - What a company owns.
Libilties - What a companys owes.
Owners Equity - The value of the business after liabilities are substracted from assets; the value of the owners' investment in the business.
Balance Sheet - A report that lists a company's assets, liabilities, owner's equity, and net profit
Income Statement - A report of revenue, expenses and net income or loss from operations of individuals.
12-3 Vocab
Payroll - The financial record of employee compensation, deductions, and net play
Payroll Record -A Financial document that contains information on all emplyees of the company, their
compensation, and benefits.
Direct Deposit - Funs are deposited electronically and available automatically for your use.
12-4 Vocab
Financial Perofrmance Ratios - Comparisons of a company's financial financial elements that indicate how well the business is performing.
Discrepancies - Defferences vetweeb actual and budgeted performance
