Entrepreneurial Finance

Assets = Liabilities + _________

• Balance Sheet

• Income Statement

• Owners Equity

• Invoice

The ___________ summarizes income and expenses for a fixed period of time. It is also known as a profit and loss statement.

• Balance Sheet

• Income Statement

• Assets

• Owners Equity

The _________ is the snapshot of what your business has and what it owes at a given point in time.

• Balance Sheet

• Income Statement

• Equity

• Assets

The __________ shows how much cash came into the business, where it came from, and the cash that went out, and where, over a given period of time.

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• Equity

Do the following terms belong to Income Statement or Balance Sheet?

Revenue, costs of goods sold, gross profit, operating expenses, and profit

• Balance Sheet

• Income Statement

Do the following terms belong to income statement or balance sheet?

Assets, liabilities, and owners’ equity

• Balance Sheet

• Income Statement

What is CASH considered?

• Liability

• Asset

• Owners Equity

• Inventory

What is an example of a LONG TERM LIABILITY?

• Mortgage Payable

• Investments

• Accounts Receivable

• Cash

Which is NOT an example of credit

• Credit Card

• Checks

• Invoicing

• Cash

__________ is the portion of the business that the owner has rights to

• Balance Sheet

• Liability

• Assets

• Owners Equity