Financial Management

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Author:
pompeyr1220
ID:
238118
Filename:
Financial Management
Updated:
2013-10-01 11:47:53
Tags:
Accounting financial management chapter 12
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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
    The costs of operating a business
  3. Profit
    When revenue is greater then tax
  4. Loss
    When expenses exceed profit
  5. Budget
    Provides detailed plans for financial needs of individuals, families, and businesses
  6. Business Budget
    1.)Anticipate sources and amounts of income for business.

    2.)Predict the types and amounts of expenses for a specific business activity or the entire business.
  7. Start-up Budget
    Plans income and expenses from the beginning of a new business or major business expansion until it becomes profitable.
  8. Operating Budget
    Describes the financial plan for ongoing operations of the business for a specific period.
  9. Cash Budget
    An estimate of the actual money received and paid out for a specific period.
  10. Financial records
    Used to record and analyze the financial performance of a business
  11. Asset Records
    Identify the buildings and equipment owned by the business, their original and current value, and the amount owed if the money was borrowed to purchase the assets.
  12. Deprecation Records
    Identify the amount assets have decreases in value due to their age and use.
  13. Inventory Records
    Identify the type and quantity of resources and products on hand along with the current value of each.
  14. Records of Accounts
    identify all purchases and sales made using credit
  15. Cash Records
    List all cash received and spent by the business
  16. Payroll Records
    Contain information on all employees of the company, their compensation, and benefits.
  17. Tax Records
    Show all taxes collected owed, and paid.
  18. Assets
    Are what a company owns.
  19. Liabilities
    what a company owes
  20. Owner's Equity
    The value of the owner's investment in the business.
  21. Financial Statement
    Reports that sum up the financial performance of a business
  22. Balance Sheet
    The assets Liabilities, and owner's equity for a specific date are listed on this
  23. Income Statement
    A report of the revenue, expenses, and net income or loss from operations for a specific period
  24. Payroll
    Financial record of employee compensation, deductions, and net pay
  25. Payroll Records
    The documentation used to process earnings payments and record each employee's pay history.

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