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Glossary of General Business Chapter 17 Vocab

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financial plan
an outline of your expenses, needs, and goals, and how you expect to meet them
asset
any property or item of value that your business owns
financial forecast
an estimate of what business conditions will be like in the future
accounting
the systematic process of recording and reporting the financial position of a business
financial manager
the person in charge of a business's financial planning, funding, and accounting
budget
a written plan of what you expect your income and expenses to be over a certain period of time
fiscal year
if the reports are for one year, this is the accounting period
owner's equity
the claims made by banks or investors that go against the assets of your business
income statment
a report of net income or net loss over an accounting period
balance sheet
a report of the financial state of your business on a certain date

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