Chapter 17 Managing Businesses' Finances

What is a creditors' claims to the assets of a business?

• Liabilities

• Assets

• Owner's Equity

• Audit

What is a written plan of what you expect your income and expenses to be over a certain period of time?

• Audit

• Liabilities

• Budget

• Assets

What is the Accounting Equation?

• Assets=Liabilities+Owner's Equity

• Assets=Liabilities-Owner's Equity

• Owner's Equity=Assets+Liabilities

• Mr. Delaney=The Coolest Teacher

What is an audit?

• a plan for your income and expenses from the time you start the business to when it makes a profit

• a review of accounting records and procedures

• a plan for the actual money you expect to spend and earn on a daily, weekly, or monthly basis

• the systematic process of recording and reporting the financial position of a business

What is a plan for the actual money you expect to spend and earn on a daily, weekly, or monthly basis called?

• Cash Budget

• Operating Budget

• Accounting

• Financial Plan

What is a plan for your income and expenses from the time you start the business to when it makes a profit?

• Start-up Budget

• Cash Budget

• Financial Manager

• Finance

What is a plan for how much you expect to spend and earn over a given period of time, usually six months or a year called?

• Cash Budget

• Balance Sheet

• Operating Budget

• Income Statement

Who is a person in charge of a business's financial planning, funding, and accounting?

• an Accountant

• a Financial Manager

• a Bank Teller

• Asset

What is the systematic process of recording and reporting the financial position of a business?

• Accounting

• Science

• Audit

• Budgeting

What are the three steps to creating a financial plan?

• Identifying assets, eliminating liabilities, and speaking with a financial manager

• Looking at your bank account, getting sad, and taking a nap

• Identifying assets, selling assets, and creating a budget

• Identifying assets, purchasing assets, and recognizing the financial records you need to keep