Budgeting is much easier for a new business than for a well-established business.

Explaining the budget to people who need financial information to make decisions is the first step of the business budgeting process.

Records of accounts identify all purchases and sales made using credit.

Because they are so vital to businesses, financial records are still usually prepared manually using paper documents.

There is no point in comparing your financial statements with those of another company.

A payroll is the financial record of employee compensation, deductions, and net pay.

With direct deposit, an employer transfers net pay electronically into an employee’s bank account.

The net income ratio will show the rate of return the owners are getting on the money they invested in the company.

Managers are usually held accountable if their part of the company faces financial problems.

The main source of financial information established businesses use to prepare a budget is:

This is an estimate of the actual money a business received and paid out for a specific period.

Identifies the companies from which credit purchase were made.

Liabilities are:

All of the following are fixed assets EXCEPT:

A company’s sales and profits for a specific period are listed in the company’s:

Which of the following payroll deductions is NOT a payroll tax?

An earnings report includes:

A company’s liabilities divided by the owner’s equity is the:

If a budget contains several discrepancies, the LAST adjustment that managers should attempt is to:

All income that a business receives over a period of time.

Records that contain information on all employees, their compensation, and benefits.

Records that name the buildings and equipment owned by the business.

Ratio that tells you how much the business is relying on money borrowed from others.

Amounts a company will pay off within a year.

Refers to income taxes, Social Security, Medicare, and unemployment taxes.

Ratio that tells you if the business can pay its debts when they become due.

The costs of operating a business.

Cash and items that can readily be converted to cash.

Records that identify the type and number of products on hand for sale.

In a financial market, the price to borrow money is called the?

The ___________________ is a report of the revenue, expenses, and net income or net loss over an accounting period.

______________ are property and other items of value owned by a business.

A _____________________ is a report of the balances in all assets, liability, and owner's equity accounts at the end of a accounting period

______________ is money supplied by investors, banks, or owners of a business.

All income that a business receives over a period of time.

Records that contain information on all employees, their compensation, and benefits.

Records that name the buildings and equipment owned by the business.

Ratio that tells you how much the business is relying on money borrowed from others.

Cash and items that can readily be converted to cash.

Records that identify the type and number of products on hand for sale.

Managers are usually held accountable if their part of the company faces financial problems.

If I have $35,000 in cash, $14,000 in supplies, and $15,000 in equipment, then I:

If a company has $16,450 in operating expenses and $41,250 in operating revenue, what is the profit or loss?

Liabilities are: