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Financial Planning
Financial Records and Statements
Payroll Management
Financial Decision-Making
100
What is the cost of operating a buisness called?
expenses
100
what are used to record and analyze the financial preformance of a business?
financial records
100
what is a payroll?
the financial record of employee compensation, deductions, and net pay
100
what is the financial performance ratio?
comparasins of a companys financial elements that indicate how well the business is preforming
200
what is all income that a business receives over a period of time?
revenue
200
what are assets?
what the company owns
200
what is a payroll record?
the frorm to track each employees pay history
200
what is the debt to equity ratio?
tells you how much the business is relying on borrowed money
300
What is the basic financial equation for business?
revenue-expenses=profit or loss
300
what are the different types of records?
asset records, deprication records, inventory records, records of accounts, accounts payable records and accounts receivable records
300
true or false-businesses are responsible for making required federal and state payments for each employee
true
300
what is a discrepencie?
differences between actual and budgeted preformance
400
true or false-financial planning is needed by small business untill they begin to make a profit
false
400
how has the process of maintaining financial records been affected by technology?
information is now collected using point-of-production and point-of-sale technology such as scanners, touch screens, and PDAs. There are also digital templates for the types of financial record and the computer completes mathmatecal equations for it.
400
what is the purpose of the payroll system?
to maintain information on each employee to be able to calculate the companys payroll
400
true or false-sales and profits for a specific period are reported in a companys income statement
true
500
what are the four steps in preparing a business budget?
1-prepare a list of expenses 2-gather accurate records of income and expenses 3-create budget by calulating income 4-explain the budget to people who make the financial decisions
500
what is the difference between a balance sheet and an income sheet?
the balance sheet shows the assets, liabilities and owners equity. a income statement shows revenue, expenses and net income or loss
500
what is the difference between a payroll record and an earnings report?
payroll records hold the employees name, social security number, address and other personal information. the payroll record holds the employees year to date earnings, deductions, gross pay, and net pay
500
what are the three steps in financial decision making
1-prepare a budget 2-run the busines and look for discrepencies 3-make needed adjustments