| A | B |
|---|
| revenue | All income that a business receives over a period of time |
| accounts payable | record identifies the companies from which credit purchases were made and the status of each account. |
| income | Sales, expenses, and profits or losses for a specific period are reported on THIS statement |
| direct deposit | Employees in most businesses receive their pay THIS way |
| payroll taxes | THESE consist of income taxes, Social Security, Medicare, and unemployment taxes. |
| profit | IF revenue is greater than expenses then you will have this |
| business budget | Goals of THIS include:to determine the sources and amounts of income, predict the types and amounts of expenses, & determine how income will be distributed to cover expenses |
| budgeting | THe first step of THIS process is to prepare a list of each type of income and expense that will be part of the budget. |
| assets | In simple terms, THESE are what a company owns |
| long-term assets | Examples of THESE include: land, buildings, & equipment |
| ner income | the result when a business’s revenue is greater than its expenses |
| expenses | Examples of THESE include:wages, purchases of supplies, & taxes. |
| FICA | Employers must make matching contributions to THIS |
| earnings report/paystub | document usually includes information for the current pay period as well as the cumulative amounts for the year. |
| expenses | The costs of operating a business |
| budget | detailed plan for a business’s financial needs |
| start-up | THIS budget plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable. |
| asset | THESE records are financial records that name the buildings and equipment owned by the business, their original and current value, and the amount owned if money was borrowed to purchase them. |
| Inventory | records identify the type and number of products on hand for sale. |
| balance sheet | A company reports its assets, liabilities, and owner’s equity on THIS statement |
| current | THESE assets include cash and those items that can be readily converted into cash. |
| payroll | the financial record of employee compensation, deductions, and net pay. |
| direct | With THIS kid of deposit, an employer transfers net pay electronically into an employee’s bank account. |
| financial performance | THESE ratios are comparisons of a company’s financial elements that indicate how well the business is performing. |
| discrepancy | The difference between actual and budgeted performance |
