2ND QUARTER EXAN IN ENTREP

These are expenses that stay the same when your sales increase such as rent,
insurance, licensee fees, utilities etc. – FIXED EXPENSES

The costs that  generally are more static in nature. – FIXED COST

A written description of your business' future. – BUSINESS PLAN

A written description of your business' future. – STATEMENT OF CASH FLOW

The results of the first three calculations are used to determine the total change in
cash and marketable securities caused by fluctuations in operating, investing and
financing cash flow.- Net change in cash and marketable securities 
Net change in cash and marketable securities. - Income Statement/Profit and Loss
Statement
Operating activities are the daily internal activities of a business that either require
cash or generate it. - Net cash flow from operating activities
The following are the example of variable cost except. – FREIGHT
These selling, general and administrative expenses are necessary to run the business
– OPERATING EXPENSES
These selling, general and administrative expenses are necessary to run the
business.- Cash Flow Statement/Cash Budget 
 is listed with operating expenses if the cost is associated with fixed assets used for
selling, general and administrative purposes. – DEPRECIATION
If your company sells products or services and doesn’t collect payment immediately
you have “receivables” and you must track. – ACCOUNTS RECEIVABLE
It is calculated as sales less the cost of goods sold. – GROSS PROFIT
This figure represents the total amount invested by the stockholders plus the
accumulated profit of the business. – OWNERS EQUITY
This figure represents the total amount invested by the stockholders plus the
accumulated profit of the business.- BALANCE SHEET
(Selling Price - Cost to Produce) / Cost to Produce = _________. – MARKUP
PERCENTAGE
These expenses go up or down based on the sales you make such as advertising,
delivery charges and electricity if you are manufacturing.- VARIABLE EXPENSES
A net figure is computed by subtracting other expenses from other income. – OTHER
INCOME AND EXPENSES
A net figure is computed by subtracting other expenses from other income. – SALE
FORECAST
This is where you track any raw materials or finished goods that you buy for your
business. – PURCHASE
This account has a nice ring to it. Basically, it tracks the amount each owner puts into
the business. – OWNERS EQUITY
It is important in a business for it is the only way to inform the entrepreneur how the
business is doing. – RECORD KEEPING
These costs include materials used, direct labor, plant manager salaries, freight and
other costs associated with operating a plant (for example, utilities, equipment
repairs, etc.) – COST OF GOODS SOLD
A written report of the financial condition of a firm. – FINANCIAL STATEMENT
These are the tangible assets of a business that will not be converted to cash within a
year during the normal course of operation. – FIXED ASSETS
It measures all your revenue sources vs. business expenses for a given time period. –
INCOME STATEMENT
The _______ account is where you track all incoming revenue from what you sell. –
SALES
It is where you track any raw materials or finished goods that you buy for your
business. – PURCHASES
The number is computed by adding other income (or subtracting if other expenses
exceed other income) to the operating profit. – NET PROPFIT BEFORE TAXES
The activity or occupation of keeping records of the financial affairs of a business. –
BOOKKEEPING
Some of the most common ___________ include cash value of life insurance, long-term
investment property and compensation due from employees. - OTHER ASSESTS
This is the biggest cost of all for many businesses. – PAYROLL EXPENSES
The following are the example of variable cost except. - RENT
These are expenses relating directly to sales such as buying stock or components,
freight costs if goods are shipped to  your business or wages if a staff member works
directly on producing an item for sale. – COST OF GOODS SOLD
If you’ve borrowed money to buy equipment, vehicles, furniture or other items for
your business, this is the account that tracks what’s owed and what’s due. - LOANS
PAYABLE
This is listed with cost of goods sold if the expense associated with the fixed asset is
used in the direct production of inventory. - DEPRECIATION
This is listed with cost of goods sold if the expense associated with the fixed asset is
used in the direct production of inventory. - DEPRECIATION
This is listed with cost of goods sold if the expense associated with the fixed asset is
used in the direct production of inventory. - SALES
Gross Profit / _________ = Gross Profit Margin. - SALES
The _________ shows your company's assets and liabilities. - BALANCE SHEET
These obligations of the business are due within one year. - CURRENT LIABILITIES
These expenses go up or down based on the sales you make such as advertising,
delivery charges and electricity if you are manufacturing. – VARIABLE EXPENSES
A document (hard copy or digital) that records a business dealing. - BUSINESS
RECORD
_________ results when a company purchases a fixed asset and expenses it over the
entire period of its planned use, not just in the year purchased. - DEPRECIATION
The Retained Earnings account tracks any of your company’s profits that are
reinvested in the business and are not paid out to the owners. – PURCHASES
It is computed by subtracting the operating expenses from the gross profit. -
OPERATING PROFIT
These obligations of the business are not due for at least one year. - LONG- TERM
LIABILITIES
These are the assets in a business that can be converted to cash in one year or less. -
CURRENT ASSETS
Products you have in stock to sell are like money sitting on a shelf and must be
carefully accounted for and tracked. – INVENTORY
It is computed by subtracting taxes paid from net income before taxes. - NET
PROFIT AFTER TAXES