all income that a business receives over time
Revenue
the cost of operating a business
Expenses
provides detailed plans for the financial needs of many
Budget
plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
Start-up budget
describes the financial plan for ongoing operations of a business for a specific period
Operating Budget
an estimate of the actual money received and paid out for a specific period
Cash budget
used to record and analyze the financial performance of a business
Financial Records
a report that covers the revenue and net income or loss for a specific period
Income Statement
the financial record of employee compensation, deductions and compensation
Payroll
refers to the day-to-day financial activities associated with using limited income to satisfy your unlimited needs and wants
Money Management
the difference between a persons assets and liabilities
Net Worth
any difference between actual spending and budgeted amounts
Budget Variance
a report that summarizes your current financial condition and sets a direction for future financial activities
Financial Plan
supervises and regulates member banks to help banks serve the public efficiently
Federal reserve system
offer a wide variety of financial services
Commercial Bank
used for ATM transactions
Debit Card
a written notice that tells the bank not to pay a certain check
Stop payment order
the storing of money for future use
Saving
using your savings to earn more money
Investing
the ease with which an investment can be changed into cash without using its value
Liquidity
the price at which stocks are being bought and sold
Market Value
the difference between the price at which you can currently sell your house and the amount owed on the mortgage
Equity