If liabilities increase in relation to the value of assets, owner's equity declines.

An operating budget corresponds to a company's cash flow statement.

Business financial goals establish direction for the financial plans of a business.

If a small business does not eventually grow into a large business, it must be considered a failure.

The general increase in the price of all goods and services over time is inflation.

Pressure on corporate management to maintain a high rate of return for investors sometimes leads to poor financial decisions.

The amount of money borrowed is your interest.

The amount paid for the privilege of borrowing money is known as the principal.

A financial ____________ is a projected financial statement for a specific future time.

The amount of money a business borrows is called _________?

In the formula for determining simple interest, i=prt , the interest rate is represented by the?

Which type of budge projects all income and expenses for the operations of a business for a specific time period?

What is the basic accounting equation?

The _____________ sheet identifies the assets, liabilities, and equity of a business as of a specific date.

Which of the following would be considered a liability?

A business financial goal must have all of the following characteristics EXCEPT what?

A decline in the value of an asset as it ages is known as?

The amount to which an amount of money will grow in a defined period of time at a specified investment rate is called?

Cash, accounts receivable, an inventory are all examples of liquid assets.

Cash is NOT the equivalent of profit.

Must accountants take direction from a company's executives even if it means that some accounting principals are not followed.

The fundamental accounting equation is Owner's Equity=Assets + Liabilities.

By law, only financial transactions involving the purchase or sale of capital equipment must be recorded by a business.

Companies record and report the value of resources based on their current market value rather than their acquisition costs.

Financial claims on a company's resources come from both creditors and owners.

Companies are expected to record revenues when they are actually earned and not when payment is received.

The person responsible for planning and managing a company's financial resources is known as the CFO (Chief Financial Officer)

A competitor that has historically demonstrated outstanding financial performance is known as a benchmark company.

A commitment to completing all tasks thoroughly and with the highest level of quality is known as?

This chief directs the actual operations of the business is known as?

The capability of an organization to meets its financial obligations as they become due is known as?

Profits earned by a company that are not paid to shareholders as dividends are called?

The comparisons of important financial data used to evaluate business performance is known as?

This company executive is directly responsible for the management of a company's cash, investments, and other financial resources.

The financial claims on a company's resources is known as?

Raw facts related to a company's financial transactions are called?

The resources used by a business in its operations are called?

An accountant records transactions in business records called?

There are three actual financial costs of inventory. Which one is not?

Items of value in an organization that will likely be converted into cash within one year are called_____________assets.

Products that have completed the manufacturing process and are ready to sell are called ________________goods.

The approximate sales volume required for a business to cover costs, anything below production would be unprofitable and anything above production would be profitable. This is called the ________________.

When receipts exceed payments on a cash budget, a cash _____________occurs.

Compensation refers to the wages or salary along with other financial benefits paid to employees.

Credit terms refer to the price of a product when buying on account.

Many past due accounts usually indicate that a company is very selective in granting credit.

It is always good for a company to have a large cash balance.

A person who works only on commission may sometimes receive a(n) _______________which is an advance in earnings that provides the worker with an income to meet living expenses.

The ability of a borrower to repay money is known as?

Inventory is the merchandise a company plans to sell to customers.

What does "Direct Deposit" mean?

Credit is granted. Credit terms are the conditions by a lender to a borrower for that sum of money. What does 2/10, n/45 mean?

A measure commonly used to determine how many times inventory is sold and replaced is called_______________.

Employees whose earnings are determined on the basis of each unit of output are paid on a _________________________.

Most organizations have three main sources of cash receipts. Which one does NOT belong?

To help with inventory loss, it is a good idea for a business to count the inventory items it has on hand at least once per year.

Which type of inventory is a manufacturing company MOST likely to have on hand?

Paying an employee a higher wage for working over 40 hours a week is called________________________.

Which of the following is an example of a fixed cash expense?

It is illegal for a lending institution to consider the past credit history of the borrower when deciding whether to grant credit.

Many credit situations are ______________loans, which have no specific collateral.

The amount of pay an employee takes home after all deductions have been taken is called ________________.