Entrepreneurship Chapter 6 Review

The balance due to a creditor on a current account

• accounts payable

• accounts receiveable

• liabilities

• assets

items a business owes

• assets

• liabiltiies

• fixed expense

• budget

indicates the flow of cash through a business

• cash flow statements

• balance sheet

• income statement

• budget

a financial statement detailing a company's assets, liabilities and owner's equity at one specific moment in time.

• balance sheet

• income statement

• cash flow statement

• operations budget

A detailed estimate of income and expenses for a specific period of time.

• budget

• income statement

• balance sheet

• cash flow statement

An expense that fluctuates from month to month

• variable expense

• fixed expense

• accounts payable

• liquid expense

A financial statement detailing a company's financial performance by showing revenue and expenses over a period of time.

• income statement

• balance sheet

• operations budget

• cash flow statement

A business's net worth

• owner's equity

• assets

• liabilties

• accounts receivable

the system of recording, summarizing, and analyzing business and financial transactions

• accounting

• budget

• balance sheet

• income statement

money spent on something that costs the same amount each month

• fixed expenses

• variable expenses

• liquid expenses

• budget expenses