Financial planning
Master Your Financial Planning
Test your knowledge on the essentials of financial planning for businesses! This engaging quiz covers key concepts that every entrepreneur should understand to ensure the success of their ventures.
- 10 thought-provoking questions
- Multiple-choice format
- Learn the fundamentals of budgeting and forecasting
Many businesses fail due to poor financial planning
True
False
Income that a business receives during a period of time
Profit
Loss
Revenue
Expenses
Cost of operating business
Expenses
Revenue
Operating budget
Loss
This is the basic financial equation
Expenses - Revenue = Profit/Loss
Revenue - Expenses = Profit/Loss
Ongoing operations require
Employees be paid
Supplies and materials ordered
Buildings maintained
All of the above
Purposes of a business budget (2 answers)
Anticipate sources and amounts of income
Prepare a list of all types of incomes and expenses
Predict the types and amounts of expenses
Explain the budget to people who need financial information
Financial plan for ongoing operations
Start-up budget
Operating budget
Cash budget
Estimate of the actual money received and paid out
Start-up budget
Operating budget
Cash budget
Income and expenses from the beginning of a new business
Start-up budget
Operating budget
Cash budget
Main source of information to predict incomes and expenses
Business magazines
Financial institutions
Record of the business
Small Business Administration
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