| A | B |
|---|
| assets | What a company owns |
| balance sheet | Lists the business' assets, liabilities, and owners' equity for a specific date |
| budget | Provide detailed plans for the financial needs of individuals, families, and businesses |
| cash budget | An estimate of the actual money received and paid out for a specific period |
| direct deposit | The employer electronically transfers net pay into the employee's bank account |
| discrepancies | Differences between actual and budgeted performance |
| expenses | The costs of operating a business |
| financial performance ratios | Comparisons of a company's financial elements that indicate how well the business is performing |
| financial records | Used to record and analyze the financial performance of a business |
| income statement | Reports the revenue, expenses, and net income or loss from business operations for a specific period |
| liabilities | What a company owes |
| operating budget | Describes the financial plan for ongoing operations of the business for a specific period |
| payroll | The financial records of employee compensation, deductions, and net pay |
| payroll record | A form used to document each employee's pay history |
| owner's equity | The value of the owners' investment in the business |
| revenue | All income that a business receives over a period of time |
| start-up budget | Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable |
