ORM Fiscal Responsibilities

These are properties like goods, equipment, buildings, installations, land, and money in the bank

• Funds

• Assets

• Equipment

• Tax

Expenses for delivering services, which includes salaries, equipment, supplies.

• Direct costs

• Indirect costs

• Fixed

• Variable

Tax is the total of all money received for services provided or goods sold during a given period.

• True

• False

An itemized listing of anticipated revenue and projected expenses.

• Funds

• Costs

• Budget

• Dues

Depreciation is a reduction in the value of an asset

• True

• False

Managers’ ability to develop contingency plans is not that critical to the survival of the business.

• True

• False

The two kinds of costs

• Direct and Indirect

• Public and Private