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Business 15 Vocab
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Can you pick the Business Chapter 15 Vocabulary Quiz?
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Organized summaries of a business's financial info. and activities
A manual or automated process for collecting, organizing, and maintaining the financial info. of a business
The process of recording, analyzing, and interpreting financial activities of a business
The set of activities involved in obtaining, recording, organizing, and maintaining the financial info. of an organization
Money taken in by a business
Shows what each customer purchases, pays, and owes
Identifies the credit purchases of a business, amounts owed, and payments made
Is anything of value owned
A gradual loss of an assest's value due to age and wear
Expensive assets of a business that are expected to last and be used for a long time
The total amount of depreciation is deducted from the asset's original value
A written financial plan for business operations developed for a specific period of time
Projects income and expenses from the beginning of a new business until it is expected to become profitable
A plan showing projected sales, costs, expenses, and profits for the ongoing operations of a business
An estimate of the flow of cash into and out of the business over a specific time period
A financial plan for replacing fixed assets or acquiring new ones
A forecast of the sales revenue a company expects to receice in a moneth, a quarter or a year
Are reports that summarize financial data over a period of time
A financial statement that reports a business's assets, liabilities, and capital on a specific date
Claims against assets
The value of the owners' investment in the business after subtracting liabilities from assets
Expressed as: Assets=Liabilities+Capital
The amount customers owe the business is an asset
Item under liabilities on the balance sheet is the amount the company owes for purchases it made on credit
A financial statement that reports info. about a company's revenues and expenses for a specific period
The amount the retailer pays the supplier for the merchandise it buys and sells
The amount remaining after subrtracting the cost of goods sold from revenue
The amount remaining after subtracting all expenses from revenue, except taxes
The movement of cash into and out of a business
The difference between current assets and current liabilities
A person who has met a state's education, experience, and examination requirements in accounting
An examination of a company's financial records by an expert to verify their accuracy
Someone who gives professional advice or offers professional services
An angency of the federal gov't that provides information, advice, and assistance in obtaining cerdit and other financial support for small businesses
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