The use of budgets and a budgeting system guarantees the success of a business.

Merchandise inventory is the value of goods purchased to sell to customers at a profit.

Business expenses for advertising, supplies and maintenance are examples of operating expenses.

Accounts receivable are current assets.

Except for equipment, fixed assets tend to lose their value over time.

Most companies tend to no longer issue actual paychecks.

Businesses that use budgets for their financial operations are usually more successful than those that do not use budgets.

Cash comes into a business from two primary sources: cash receipts and checks.

A company can be highly profitable, yet not have enough cash on hand at the right times to pay its bills.

The primary reason businesses keep financial records is to

A manager is most likely to use financial reports to

Movement of cash into and out of a business is known as

The money a business owes and the payments it makes for credit purchases are recorded in the

Someone who gives professional advice or offers professional services is called a(n)

A business that is planning to introduce a new product will need a

The general term that is applied to a computer that becomes inadequate because a more efficient model comes on the market is

The original cost of an asset less its accumulated depreciation is the

Net worth, owner's equity & stockholders' equity are all terms meaning

Which part of an income statement shows all the costs incurred in operating the business?

An operating budget includes projected

The difference between current assets and current liabilities is

Which financial ratio shows whether a firm can meet its current debts comfortably?

A graphic designed to provide a quick view of key financial performance indicators is called a(n)

The basic accounting equation is

The amount owed to a business by its customers is considered

The amount a retailer pays to a supplier for goods it then resells is called the

To determine whether or not a company is a good loan risk, lenders often review its

A forecast or sales revenue a company expects to receive for a specified period.

Record showing what a customer owes and pays.

A plan showing projected sales, costs, expenses, and profits for the ongoing operations of a business.

An estimate of cash flowing in and out of a business.

A financial plan used to determine when to replace or purchase fixed assets.

Difference between current assets and current liabilities.

Expensive assets that are expected to last and be used a long time.

Claims against assets.

Summaries of financial information and activities.

Gradual loss of value because of wear and tear.