The Life of a WAYB Dollar
Selling a Pico Car Seat counts as what type of revenue?
What is Product Revenue?
The financial period we close each month is called the ___.
What is Month-End Close/Financial Close?
The cost to manufacture a Pico seat is recorded as ___.
What is COGS - Cost of Goods Sold?
This is what credit card companies charge to use their money.
What is Finance charges/Interest?
TRUE or FALSE: If you don’t use your budget by year-end, it disappears.
What is True?
When a customer buys from Amazon, the revenue still shows up in our books in what currency?
What is USD?
The complete list of all accounts used in accounting is called ___.
What is Chart of Accounts?
Paying vendors for materials to make the Pico comes from which team?
What is Accounts Payable?
The best way to reduce your credit card debt.
What is Pay more than the minimum payment required?
The annual budget process at WAYB typically begins in which month?
What is September?
Which revenue stream is typically larger for WAYB?
What is Direct-to-Consumer/DTC?
TRUE or FALSE: We use Accrual Accounting, not Cash Accounting, at WAYB.
What is True?
Gross margin is calculated as Revenue minus ___.
What is COGS - Cost of Goods Sold?
When possible, it is better to buy a home rather then rent because purchasing real estate is considered an investment. As you pay off your mortgage you build this.
What is Equity?
Which department at WAYB typically has the highest spend?
What is Sales?
If a customer returns a Pico, what financial entry reduces our revenue?
What is Sales returns/allowances?
The process of matching bank transactions with our books is called ___.
What is Reconciliation?
What does EBITDA stand for?
What is Earnings Before Interest, Taxes, Depreciation, & Amortization?
Preferably, the only types of purchases that should be financed are these.
What is large purchases (such as a house or car)?
This forecasting approach uses actual results to continually adjust and extend projections, often on a monthly or quarterly basis.
What is Rolling forecast?
What’s the accounting principle that requires us to record revenue when it’s earned, not when cash is received?
What is Revenue Recognition?
The three main financial statements are the Balance Sheet, Income Statement, and ___.
What is Cash Flow?
Which month in 2025 was our best and first time we hit Revenue, Gross Margin,and EBITDA?
What is July?
Calculate this by taking the total amount of money and assets you have and subtracting the total amount of money you owe.
What is Net Worth?
When we update the budget during the year based on new information, it’s called ___.
What is Reforecasting?