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Financial Statements - Entrepreneurship Flashcards | StudBud
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Financial Statements - Entrepreneurship
Shows how income changes over time.
How much is available to pay bills
Financial Statements - Entrepreneurship
20 terms
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StudBud Administration
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100 plays
Review financial statements.
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
How much is available to pay bills
Income Tax Returns
Cash Flow Statement
Revenue Sheet
Balance Statment
2
Shows how income changes over time.
Cash Flow
Revenue Statement
Balance Sheet
Income Statement
3
Cash = 600, AR = 1500, Inv = 400, AP = 500, Debt = 1000 Net Assets =
1500
2500
2100
1000
4
The relationship between revenue and the difference between revenue and cost of goods sold...
Profit Margin
Expense
Net Income
Assets
5
Cash = 200,000 Pizza Crusts = 50,000 Cheese = 30,000, Rent = 10,000 Taxes = 5000 Profit = 5000 Sales?
92000
100,000
300,000
95000
6
# sold (x) cost to make =
Cost of Goods Sold
Net income
Profit
Revenue
7
A snapshot of the company's worth
Asset Sheet
Balance Sheet
Cash Flow
Income Statement
8
Accounting Equation
Liabilities = Assets + Owner's Equity
Assets = Liabilities + Net Worth
Assets + Liabilities = Owner's Equity
Assets = Liabilities - Owner's Equity
9
Where you find the profit or loss.
Cash Flow
Income Statement
Assets
Balance Sheet
10
Used to forecasts expenses.
Balance Statement
Report Card
Cash Flow
Income Sheet.
11
Gross Margin
Expenses/Sales
Gross Profit/Revenue
Revenue/Gross Profit
Net Income/Sales
12
The main difference between gross profit and net income would be?
Rent is taken out to determine gross profit.
Fixed expenses are subtracted.
Net income is always higher than gross profit.
No difference
13
When you subtract what you owe from your assets your net assets =
Taxes
Stockholder's Equity
Liabilities
Income
14
Category that includes capital and net income
Stockholder's Equity
Cash Flow Statement
Assets
Income Statement
15
Sales
Profit
Income
Expenses
Revenue
16
Liabilities
Accounts Payable
Something of value
Accounts Receivable
Insurance
17
Rev = 350,000; Exp = 250,000; PIC = 30,000 Stock Holder's Equity =?
100,000
130000
70000
30000
18
Assets = 500,000 Liabilities = 300,000 SE = ?
300,000
200,000
500,000
800,000
19
Sales = 2000, COGS = 800, Accts Pay = 500, Rent = 200, Net Income =
1000
1200
2800
500
20
Advertising Expense decreses both
assets
liabilities and SE
assets and liabilities
assets and SE
