17.1
The projected sales units and revenue dollars for the period.
Sales forecast budget
Reports the assets, liabilities, and owner equity.
Balance sheet
Means to compare the check register to balance the checking account.
Reconcile
what is an individual retirement account in which individuals contribute after-tax income and qualified withdrawals are not taxed?
Roth IRA
Is an item, or items, bought with the intention of reselling to customers.
Merchandise
evaluates the overall financial condition of the business by showing relationships between selected figures on financial statements.
Financial ratio
Is a payment order for a specific amount of money payable to a specific payee.
Money order
The process of spreading risk by putting money in a variety of investments.
Diversification
Group of accounts.
Ledger
People with interest in the business.
Stakeholder
A strategy for using money to reach important goals and to advance financial security; saving account.
Savings plan
_______ is purchasing a financial product or valuable item with the goal of increasing wealth over time in spite of possible loss.
Investing
Individual accounts for customers and vendors are called ________.
subsidiary ledgers
Two financial ratios that are calculated from the income statement are the ______.
Net profit ratio and the operating ratio.
Define payee.
The person, business, or organization to whom the check is written.
Define money market account (MMA).
A type of savings account that requires a higher minimum balance than a regular savings account, but offers a higher interest rate.
The first step in recording a transaction is to identify ______.
The accounts that are affected.
What is the equation to find the net profit ratio?
Net income/sales=net profit ratio
What type of check is written with a future date?
Post Dated check
What is a type of of demand deposit account that allows for regular deposits and withdrawals.
Interest-bearing saving account