Finance: Ch.3 L.5 Vocabulary Review

Which document shows the inflows and outflows of cash within a specific period?

• Budget

• Balance sheet

• Cash-flow statement

• Budget variance

What term refers to the income remaining after all deductions are taken out of an employee's gross pay?

• Discretionary expenses

• Net surplus

• Take-home pay

• Budget controls

What type of goals are typically set to be achieved within five years?

• Short-term goals

• Intermediate-term goals

• Long-term goals

• Budget estimates

Which financial document provides a snapshot of what a company owns and owes at a specific point in time?

• Budget

• Balance sheet

• Cash-flow calendar

• Revolving savings fund

What are costs that are not essential and can be adjusted based on spending preferences?

• Budget controls

• Discretionary expenses

• Budget variance

• Long-term goals

What is the term for the difference between the budgeted amount and the actual amount spent?

• Budget controls

• Discretionary expenses

• Budget variance

• Long-term goals

What is a plan for spending money over a certain period, typically a month or a year?

• Balance sheet

• Cash-flow calendar

• Budget

• Net surplus

Which tool helps track expected income and expenses over a period to manage cash flow?

• Cash-flow statement

• Budget controls

• Cash-flow calendar

• Revolving savings fund

What is the term for funds set aside for unexpected expenses or financial goals?

• Budget variance

• Discretionary expenses

• Revolving savings fund

• Intermediate-term goals

What is the term used to describe goals that can be achieved in less than one year?

• Long-term goals

• Budget estimates

• Intermediate-term goals

• Short-term goals