financial management

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  1. All income that a business receives over a period of time.
    revenue
  2. The costs of operating a business.
    Expenses
  3. detailed plans for the financial needs of individuals, families, and businesses.
    budget
  4. plans income and expenses from the beginning of a new business or major business expansion until it becomes profitable.
    start-up budget
  5. the financial plan for ongoing operations of the business for a specific period.
    operating budget
  6. an estimate of the actual money received and paid out for a specific period.
    cash budget
  7. record and analyze the financial performance of a business.
    financial records
  8. what a company owns
    assets
  9. what a company owes
    liabilites
  10. the value of the owners investment in the business
    owners equity
  11. the assets, liabilites, and owners equity for the specific date are listed on this sheet.
    balance sheet
  12. to report the revenue, expenses, and net income or loss from operations for a specific period, a business prepares this.
    income statement
  13. the financial record of employee compensation deductions, and net pay.
    payroll
  14. the documentation used to process earnings payments and record each employees pay history.
    payroll records
  15. when the employer transfers net pay electronically into the employees bank account.
    direct deposit
  16. comparisons of a companys financial elements that indicate how well the business is performing
    financial performance ratios
  17. differences between actual and budgeted performance
    discrepancies
  18. current assets compared to the current liabilities is.
    current ratio
  19. the company's liabilities divided by the owners equity
    debt to equity ratio
  20. reports the sum up the financial performance of the business
    financial statements
  21. the three key financial elements for a business are the amount of
    sales, expenses and profits
  22. when expenses exceed revenue, the business will suffer this
    loss
  23. all taxes collected owed and paid
    tax records
  24. maintains information on each employee to be able to calculate the companys payroll and to make the necessary payments to ecah employee
    payroll system
  25. identify the type and quantity of resources and products on hand along with the current value of each
    inventory records

Card Set Information

Author:
 krausea0408
ID:
 238125
Filename:
 financial management
Updated:
2013-10-01 15:33:52
Tags:
accounting
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Description:
PBA ch.12 flash cards
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