Chapter 12 Terms
Provides detailed plans for the financial needs of individuals, families, and businesses.
What is a budget?
Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable.
What is a start-up budget?
Describes the financial plan for ongoing operations of the business for a specific period.
What is an operating budget?
The total sales compared to the net income for a period such as six months or a year is known as this. (12.4)
What is the net income ratio?
This is the country that I want to go visit on my next vacation.
What is Italy?
The financial records of employee compensation, deductions, and net pay.
What is payroll?
What a company owns.
What are assets?
The documentation used to process earnings payments and record each employee's pay history.
What are payroll records?
Differences between actual and budgeted performance.
What are discrepancies?
This is the brand of vehicle I currently drive.
What is a honda civic?
What a company owes.
What are liabilities?
Comparisons of a company's financial elements that indicate how well the business is performing.
What are financial performance ratios?
Reports the revenue, expenses, and net income or loss from business operations for a specific period.
What is an income statement?
The earnings report is often attached to the paycheck and is sometimes called this. (12.3) It is also known as a document that summarizes an employee's pay for a specific pay period.
What is a pay stub?
This is how many banks I have worked for thus far.
What is 2?
Lists the business's assets, liabilities, and owner's equity for a specific date.
What is a balance sheet?
The employer electronically transfers net pay into the employee's bank account.
What is direct deposit?
All income that a business receives over a period of time.
What is revenue?
The value of the owners' investment in the business.
What is owner's equity?
This is who's birthday it is today.
Who is my mother?
Used to record and analyze the financial performance of a business.
What are financial records?
An estimate of the actual money received and paid out for a specific period.
What is a cash budget?
The costs of operating a business.
What are expenses?
If revenue is greater than expenses, the business will make one of these (12.1)
What is a profit?
This is what I plan on making for you guys next week (2 things)
What is barbeque deer sausage and brownies?