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unit 6 lessons 1-3 Flashcards | StudBud

Explore/unit 6 lessons 1-3

What is a budget

what is an expense

unit 6 lessons 1-3

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Questions 9

Answers

1
what is an expense
a paycheck
when someone gives you something
when you pay for goods or services
free food
2
What is a budget
a detailed statement of estimated receipts and expenditures
how much money you will make
money you have made over a period of time
A gift
3
what is liabilities
funds due from customers who have bought on credit.
debts owed by a firm to an individual
4
What is a net income?
the amount earned from sales of goods or services
the money you receive from your tax returns
profit earned or lost by a business
5
what is an income statement
profit and loss statement for a business
the income earned for the period of time
a shoe
6
what is a business plan
a detailed statement of receipts and expenditures
a written document that explains its goals and objectives
7
what is a profit or loss
the difference between total revenue and total expenses.
all costs incurred in operating the business,
8
which of the following are income statement terms
owners equity
total expenses
value
budget
9
what is revenue?
a amount of money spent to buy or pay for goods or services.
an amount earned from sales of goods or services
a detailed statement of estimated receipts and expenditures