Financial Terminology knowledge check

A system of recording and reporting financial activity is called

• Finance

• Budget

• audit

• Accounting

Things owned by a company

• profit

• loss

• assets

• liablities

Net worth of a business

• financial statement

• balance sheet

• Income statement

• Owners Equity

Money owed by a business

• profit

• assets

• loss

• liabilities

A plan that shows what you expect to earn and spend in a certain period of time

• Fiscal period

• budget

• financial statement

• Income statement

a written report which describes the financial health of a company

• Owner's Equity

• statement of change

• income statement

• financial statement

cost of maintaining and operating a business

• loss

• assets

• profit

• expense

The amount of money a company earns

• revenue

• equity

• assets

• audit

Results when a business income is greater that is expenses

• loss

• asset

• profit

• fiscal

Expenses is greater than revenue

• profit

• loss

• equity

• liabilities