Financial Management

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Author:
mdebreau
ID:
238140
Filename:
Financial Management
Updated:
2013-10-01 21:49:53
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Financial Management Accounting
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Description:
Chapter 12 Financial Management flashcards.
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  1. Financial Records
    Used to record and analyze the financial performance of a business.
  2. Asset Records
    Identify the buildings and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets.
  3. Expenses
    The costs of operating a business.
  4. Revenue
    All income that a business receives over a period of time.
  5. Operating Budget
    Describes the financial plan for ongoing operations of a business for a specific period.
  6. Owner's Equity
    The value of the owner's investment in the business.
  7. Cash Budget
    An estimate of the actual money received and paid our for a specific period.
  8. 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
  9. Liabilities
    What a company owes.
  10. Pay Stub
    An earnings report that is attached to the paycheck.
  11. Payroll
    The financial record of employee compensation  deductions, and net pay.
  12. Start-Up Budget
    Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
  13. Financial Statements
    Reports that sum up the financial performance of a business.
  14. Income Statement
    To report the revenue, expenses, and net income or loss for operations for a specific period, a business prepares this.
  15. Direct Deposit
    The employer transfers net pay electronically into the employee's bank account.
  16. Payroll Records
    The documentation used to process earnings payments and record each employee's pay history.
  17. Discrepansies
    Differences between actual and budgeted performance.
  18. Financial Performance Ratios
    Comparisons of a company's financial elements that indicate how well the business is performing.
  19. Budget
    Provides detailed plans for the financial needs of individuals, families, and businesses.
  20. Balance Sheet
    The assets, liabilities, and owner's equity for a specific date are listed on this.
  21. 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.
  22. 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.
  23. Assets
    What a company owns.
  24. Net Income Ratio
    Shows how much profit is being made by each dollar of sales for the period being analyzed.
  25. Current Ratio
    Current assets compared to the current liabilities.

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