Intro to business

14 terms by danibickel 

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Financial Plan

Is an outline of your expenses, needs, and goals and how you expect to meet them.

Asset

Any property or item of value that your business owns.

Financial Forecast

Is an estimate of what business conditions will be like in the future.

Accounting

Is the systematic process of recording and reporting the financial position of a business.

Financial Manager

Is the person in charge of a business's financial planning, funding, and accounting.

Budget

Is a written plan of what your business can expect form income and expenses to be over a certain period of time.

Startup Budget

The time you start the business to when it makes profit.

Operating Budget

Plan for how much you expect to spend and earn over a given period of time.

Cash Budget

Plan for the actual money you expect to spend and earn on a daily, weekly, or monthly basis.

Fiscal Year

if the reports are for one year, it is the accounting period.

Owners Equity

Debts go against the assets you hold. Is a claim.

Income Statement

A report of net income or net loss over an accounting period.

Balance Sheet

Is a report of your financial state of your business on a certain date.

Liability

Anything that you owe.

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