Entrepreneurship - Chapter 6

What are liabilities or debts that the business has to pay within one year called?

This estimates what the balance sheet and income statement will look like in the future.

The focus of an income statement is what?

The time period when money goes out and when it comes in.

In new business ventures, this is the only type of activity.

On the balance sheet, the assets minus the liabilities should total what number?

What is the investment the owner contributes to the business called?

This document shows the revenue of the business minus the expenses.

The cash flow statement measures cash flow on:

According to the book, the most dangerous situation for a new business is ______.

Is it possible to sell products and have not cash coming into the company?

How much of actual expenses must be accounted for in a cash flow statement?

What is an analysis of the differences between the predicted and the actual performance?

Which one is an example of a fixed asset?

An income statement provides both the _______and the _______ profit figures for a firm.

This is calculated on the value of an investment in time and money.

What projects all the costs that WILL BE incurred by the organization over a period of time?

What is it called when a firm obtains more revenue than expenses?

Which one of these categories is NOT on the balance sheet?

What is it called when a company starts making money?

What shows all the costs that HAS occurred by the organization over a period of time?

How many categories should be created to separate the revenues and expenses?

This can easily be converted to cash, such as accounts receivable and notes receivable.

This is an examination of the best and worst-case cash flow scenarios.

Which one is an example of a long-term liability?