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14 terms

Intro to business

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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.