Chapter 12 Financial Management

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

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

Payroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.

2 prepare a budget a business must b able 2 identify & predict the amount of each income/exp 

A (n)_____is the financial record of employee compensation, deductions, and net pay.

A business will make a profit if

An operating budget is usually planned for

When business expands,

Which type of budget is an estimate of the actual money received & paid out 4 a specific period

The cost of operating a business is called

Total Revenues - Total Expenses = 

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

Which of the following is NOT generally a goal of a business budget?

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

In simple terms,____are what a company owns.