MBE Standard 5.0

A summary of a business's income and expenses during a period of time.

• income statement

• balance sheet

• payroll register

Financial statement that summarizes the assets, liabilities, and owners' equity of a business.

• income statement

• balance sheet

• payroll register

This financial statement shows how cash is used by a business during a specific period of time.

• Income statement

• Balance sheet

• Cash flow statement

• Payroll register

Computers used in retailing that feed information directly from merchandise tags or product labels into a computer.

• Point of sale (POS) system

• hand held scanner

• scantron

Last in, first out

• Assets

• FIFO

• LIFO

• Equity

Something of value that a borrower pledges to a lender to ensure repayment of a loan.

• collateral

• start-up costs

• balance sheet

• income statement

A document that shows a business's adjusted income if certain financial inputs were removed. In other words, it's a way to show the income of the business would be if some costs were excluded.

• retained earnings

• inventory management

• income statement

• pro forma income statement

A company's total assets minus total liabilities equals _____.

• equity

• revenue

• assets

• start-up costs

Organizing a system of financial records, recording financial data, and preparing, analyzing and interpreting financial statements.

• accounting

• collateral

• accounts receivable

• balance sheet

First in, first out

• equity

• assets

• FIFO

• LIFO