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