Financial Planning Terms

What budget estimates the variable and fixed costs needed for the company to function on a day to day basis.

• Sales Budget

• Production Budget

• Operations Budget

• Cash Budget

What budget is a statement of the firm’s planned inflows and outflows of money.

• Sales Budget

• Production Budget

• Operations Budget

• Cash Budget

Which of the following is known as something you own. 

• Liabilities
• Assets
• Net worth
• Gross income

Which of the following is known as something you owe. 

• Assets
• Liabilities
• Identity theft
• Budgeting

The amount remaining after the liability value is subtracted from the asset value

• expense

• revenue

• owner's equity

• withdrawals

The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.

• Income Statement
• Balance Sheet
• Income Worksheet
• Balance Worksheet

Amount of money that a business earns in a given period.

• Money Sum

• Revenue

• Profit

• Loss

Compulsory charges imposed on citizens by local, state, and federal governments used to fund public goods and services.

• Interest

• Deductions

• Taxes

• Collateral

Paying employee's by putting it into his/her authorized account.

• Payroll Card

• Check

• Direct Deposit

• Interest

The amounts that a person or organization owes to someone else in the normal daily business.

• Accounts payable

• Accounts receivable

• Acquisition

• Affiliate