Expenses include the total revenue minus operating costs of the small business.

After several years of operation, the task of identifying sources of income and types of expenses becomes easier for a business owner.

The Small business Administration (SBA) provides a number of planning tools for new small business

The most important step in financial planning is developing an income statement.

In a small business, the budging goals are much the same as in a household-- to determine what the sources of income are and how will be distributed.

Few skills are needed by the person responsible for preparing business budgets.

Budgets identify the financial plans of a business.

All successful businesses maintain accurate financial records.

Net income results when costs are greater than revenue.

If you own your own small business, the money you receive is called ________

A budget that estimates income and expenses from the beginning of the business until it becomes profitable is called a _________

The budget that describes the financial plan for the day-to-day operations of the business is called ________

An estimate of the actual money received and paid out for a specific time period is called __________

Budgeting requires an understanding of financial information and _____________

When preparing a budget for the first time, many small businesses seek help from ___________

What records contain information on all employees of the company and their earnings?

A balance sheet lists ___________

When expenses are greater than income, the result is ________________

What statements do business owners review to determine how their businesses are performing?

A(n) ____________ can be compared to a road map because it identifies the business's progression toward its financial destination.

_____________ records identify the type and quantity of products available for sale.

_____________ records identify the buildings and equipment owned by a business.

The age of ______________ has made financial record keeping much more efficient and accurate.

The ___________ reports the revenue, expenses, and net income or loss from business operations for a specific period of time.