Financial Management

Card Set Information

Author:
kyliekramer
ID:
238115
Filename:
Financial Management
Updated:
2013-10-01 11:33:51
Tags:
accounting business financial management
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Description:
Principles of Business Administration
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  1. Revenue
    All income that a business receives over a period of time
  2. Expenses
    Costs of operating a business
  3. Start-up budget
    Plans income and expenses from the beginning of a major business expansion until it becomes profitable
  4. Operating budget
    Financial plan for ongoing operations of the business for a specific period
  5. Cash budget
    Estimate of the actual money received and paid out for a specific period
  6. Financial records
    Used to record and analyze the financial performance of a business
  7. Assets
    What a company owns
  8. Liabilities
    What a company owes
  9. Owner's equity
    Value of the owner's investment in the business
  10. Balance sheet
    Lists the assets, liabilities, and owner's equity for a specific date
  11. Income statement
    Reports the revenue, expenses, and net income or loss from operations for a specific period
  12. Payroll
    Financial record of employee compensation, deductions, and net pay
  13. Payroll records
    Documentation used to process earnings ,payments and record each employee's pay history
  14. Direct deposit
    Employer transfers net pay electronically into the employee's bank account
  15. Financial performance ratios
    Comparisons of a company's financial elements that indicate how well the business is performing
  16. Discrepancies
    Differences between actual and budgeted performance
  17. Budget
    Provides detailed plans for the financial needs of individuals, families, and businesses
  18. Current liabilities
    Will be paid within a year
  19. Long term assets
    Assets w/ a life span of more than a year
  20. Current assets
    Include cash and those items that can be readily converted to cash..such as inventory and accounts receivable
  21. Net loss
    Occurs when expenses are greater than income
  22. Payroll system
    Maintains information on each employee to be able to calculate necessary payments to each employee
  23. Earnings report
    Included with paycheck. Provides information for the current pay period as well as the cumulative amounts for the year
  24. Loss
    Expenses exceed revenue
  25. Profit
    Revenue is greater than expenses

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