| A | B |
|---|
| CPA | Certified Public Accountant |
| Management Accountants | Record and analyze the financial information for the companies for which they work. |
| Public Accountants | Perform accounting, auditing, tax, and consulting activities for their clients |
| Revenue | All income that a business receives over a period of time; income. |
| Expenses | The costs of operating a business. |
| Profit | When revenue is greater than expenses. |
| Loss | If expenses are greater than revenue. |
| Budget | Provides detailed plans for the financial needs of individuals, families, and businesses. |
| Start-up budget | Plans income and expenses from the beginning of a new business or major business expansion until it becomes profitable. |
| Operating budget | Describes the financial plan for ongoing operations of the business for a specific period. |
| Cash budget | An estimate of the actual money received and paid out for a specific period; will determine if a busines has financial resources to pay bills. |
| Basic financial equation | Revenue minus expenses equals profit or loss. |
