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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