| A | B |
|---|
| free enterprise system | An economic system in which people can choose what they buy, produce, and sell, as well as where they work. |
| business plan | A written proposal that describes a new business and strategies to launch that business. |
| strategic plan | A written outline of business goals and the steps to take to achieve them. |
| marketing plan | A written outline of how a business will be promoted to increase customers and sales. |
| financial plan | A written outline of how a business will get money to start up and operate, and how it will maintain financial operations and business records. |
| accounting | A systematic process of recording and reporting the financial position of a business. |
| generally accepted accounting principles | A standard set of guidelines used in recording and reporting financial changes. |
| budget | A formal, written statement of expected income and expenses for a future period of time. |
| merchandise | The goods retailers buy with the intent to resell to customers. |
| inventory | The merchandise retailers have for sale. |
| cash flow | The amount of cash that is available at any given time. |
| negative cash flow | A situation that occurs when a business spends more money than it receives. |
