Intro to Business: Chapter 12 Review

Which of the following is NOT a common way businesses pay employees?

At the end of the prd covered by a budget, the business will prepare new financial statements

_ budget describes the financial plan for ongoing functions of the business for a specific prd

Total Revenue - Total Expenses =

Payroll taxes consist of income taxes, social security, medicare, and unemployment taxes.

Sales and profits for a specific period are reported in a company's income statement.

Records of __ identify all purchases and sales made using credit.

Which of the following is NOT a long-term asset?

Which of the following would NOT be considered a benefit?

In simple terms, __ are what a company owns.

For long-established businesses, the main source of budget information is

The company's liabilities divided by the owner's equity is the current ratio.

All of the following would be considered expenses EXCEPT

This shows how much profit is being made by each dollar of sales for the period being analyzed.

When a business expands, 

The costs of operating a business are called

A detailed plan for a business's financial needs is called a(n) __

Assets - Liabilities = Owner's Equity

Which financial record identifies the amount assets have decreased in value due to age & use?

A business will make a profit if

The final step in the financial decision-making process is to

Which budget is an estimate of the actual money received & paid out for a specific period

Employers must make matching contributions to

An income statement usually covers

All income that a business receives over a period of time is called profit.