Financial Managment

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Author:
JulieZysk
ID:
238138
Filename:
Financial Managment
Updated:
2013-10-01 11:37:22
Tags:
Accounting Financial Managment
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Description:
Chapter 12- Principles of Business Administration
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  1. Revenue
    All income that a business receieves over a period of time.
  2. Expenses
    The costs of operating a business.
  3. Budget
    Provides detailed plans for the financial needs of individuals, families, and businesses.
  4. Start-up Budget
    Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
  5. Operating Budget
    Describes the financial plan for ongoing operations of a business for a specific period.
  6. Cash Budget
    An estimate of the actual money received and paid our for a specific period.
  7. Financial Records
    Used to record and analyze the financial performance of a business.
  8. Assets
    What a company owns
  9. Liabilities
    What a company owes.
  10. Owner's Equity
    The value of the owner's investment in the business.
  11. Balance Sheet
    The assets, liabilities, and owner's equity for a specific date are listed on this.
  12. Income Statement
    To report the revenue, expenses, and net income or loss for operations for a specific period, a business prepares this.
  13. Payroll
    The financial record of employee compensation  deductions, and net pay.
  14. Payroll Records
    The documentation used to process earnings payments and record each employee's pay history.
  15. Direct Deposit
    The employer transfers net pay electronically into the employee's bank account.
  16. Financial Performance Ratios
    Comparisons of a company's financial elements that indicate how well the business is performing.
  17. Discrepancies
    Differences between actual and budgeted performance.
  18. 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
  19. Financial Statements
    Reports that sum up the financial performance of a business
  20. Owner's Equity
    The value of the business after liabilities are subtracted from assets.
  21. Revenue
    All income received by the business during the period
  22. Expenses
    All of the costs of operating the business during the period.
  23. 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.
  24. 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.
  25. Pay Stub
    An earnings report that is attached to the paycheck

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