the first step of the budgeting process it to

sales, expenses, and profit or losses for a specific period are reported in a company's income statement.

Which of the following generally is NOT a goal of a business budget?

this shows how much profit is being made by each dollar of sales for the period being analyzed.

the cost of operating a business are called_____.

all of the following would be considered expenses EXCEPT

a(n) _______ budget describes the financial plan for ongoing functions of the business for a specific period.

which of the following would NOT be considered a benefit?

all income that a business receives over a period of time is called profit.

for businesses that have operated for several years, the main source of budget formation is

________ assets include cash and those items that can be readily converted into cash.

in simple terms, _________ are what a company owns.

^{____ records are financial records that name the buildings and equipment owned by the business, their value, amount owned}

to prepare a budget, a business must identify and predict the amount of each source of income and each type of expense.

the final step in the financial decision-making process is to

employers must make matching contributions to

a detailed plan for a business's financial needs is called a(n)

a business will make a profit if

operating budget determines if a business has adequate financial resources to pay bills when due or it needs loans

assets - liabilities = owner's equity

a(n) ________ is a difference between actual and budgeted performance

a(n) _______ is the financial record of employee compensation, deductions, and net pay.

a(n) _____ budget plans income and expenses from beginning of new business or major expansion until it becomes profitable

which of these is the result when a business's revenue is greater than its expenses?

at the end of the period covered by a budget, the business will prepare new financial statements.

which type of budget is an estimate of the actual money received and paid out for a specific period?

accounts receivable record identifies the companies from which credit purchases were made and the statue of each account

proprietors must pay _____-employment taxes, which are contributions to Medicare and SS

payroll taxes consist of income taxes, SS, Medicare, and unemployment taxes.

most businesses include a(n) ______ with the employee's paycheck

an income statement usually reports

employees in most businesses receive their pay with a printed paycheck

^{_____ records identify the type and number of products on hand sale}

which of the following usually is NOT a long-term asset?

a company's report its assets, liabilities, and owner's equity on the _____ sheet.

records of ______ identify all purchases and sales made using credit.

with _______ deposit, an employer transfers net pay electronically into an employee's bank account.

when a business expands

all of the following are private businesses that collect and publish financial information on similar businesses EXCEPT

the company's liabilities divided by the owner's equity equals the current ratio.