Accounting
Finance
Budgeting
Feelin' Lucky
Misc.
100
What is the basic accounting question?
Assets - Liabilities = Owner's Equity
100
What do we call the risk of financial loss due to decreased value of an investment?
Market Risk
100
What do you call the overall budget of a company?
Master Budget
100
What is the difference between accounting and finance?
Accounting- keeping records Finance- money management
100
This is when one number is divided by another to show the relationship between numbers
Ratio
200
This financial statement captures the financial condition of the business at that moment
Balance Sheet
200
What do we call the risk of financial loss due to non-payment from a debtor or customer?
Credit Risk
200
This budget manages the goals and activities of a particular department of the company
Specialized Budget
200
Although he passed away in 1979, this actor's movies include "The Green Berets," "All the King's Men," and "True Grit"
John Wayne
200
Is accounts payable an asset or liability?
Liability
300
What do you call the costs a business incurs in doing business?
Operating Expenses
300
What is the business function that involves all money and money management matters?
Finance
300
What type of budget adds a new month as each month expires?
Rolling Budget
300
Revenue - Cost of Goods Sold =
Gross Profit on Sales
300
Name the 3 Ms of business budgeting
Money, Maps, Management
400
Name the 3 steps in the accounting process
1. Record transactions 2. Organize the information 3. Summarize the information
400
What is the use of financial instruments to manage exposure to loss?
Risk Management
400
List 3 characteristics of an effective budget
Possibilities: well-planned, clearly communicated, realistic, flexible, evaluated
400
Gross Profit - Operating Expenses =
Net Income
400
What is a sales forecast?
An estimate of how much a company expects to sell in a time period
500
Name AND describe the two main accounting methods
Cash- Record when money changes hands Accrual- Record as transactions occur
500
Name the two major finance activities
1. Administration of assets 2. Acquisition of funds
500
Describe one of the 3 methods of business budgeting
Possibilities: 1. Previous year's budget adjusted for changes 2. Previous year's budget with a % adjustment across the board 3. Zero-based (every expense is explained/justified)
500
Finish this song verse (you MUST sing it): "All the leaves are brown, and the sky is gray..."
"...I went for a walk, on a winter's day"
500
When a company is owed money by others, where do we categorize it on a Balance Sheet?
Accounts Receivable
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