Prd 3 Chapter 12/13 Frankie Watts
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Created by:
FrankieHundreds on December 1, 2011
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25 terms
Terms | Definitions |
|---|---|
 assets | anything of material value or usefulness |
| balanced sheet | shows the current assets,including cash, property and equipment, and the current liability |
| budget | a summary of intended expenditures along with proposals for how to meet them |
| cash budget | an estimate of the actual money received and paid out for a specific period |
| direct deposit | An automatic deposit of a paycheck without having to take a physical check to the bank. |
| discrepancies | differences, contradictions |
| expenses | an expense is an outflow of money to another person or group to pay for an item or service, or for a category of costs. |
| 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 | a financial statement that gives operating results for a specific period |
| liabilities | anything that is owed to someone else |
| operating budget | a budget for current expenses as distinct from financial transactions or permanent improvements |
| payroll | the department that determines the amounts of wage or salary due to each employee |
| payroll record | the form used to track each employee's pay history |
| owner's equity | the amount remaining after the value of all liabilities is subtracted from the value of all assets |
| revenue | the entire amount of income before any deductions are made |
| start-up budget | plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable |
| applied research | ... |
| benchmarks | ... |
| standard | ... |
| schedule | ... |
| logistics | ... |
| just-in-time | goods arrive when needed for production, use, or sale rather than sitting in storage |
| pure research | seeks to gain knowledge for the sake of knowledge itself |
| manufacturing | making products to sell |
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