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Chapter 3 vocab

QuestionAnswer
business financial goals direction for financial plans of a business
creditor individual or organization that provides funds to a business with repayment agreement with interest set for a future date
principal amount of money borrowed
interest amount paid for money borrowing privileges
collateral asset promised by a business to a creditor if loan repayment isn't completed
financial statement reports prepared according to accepted accounting standards providing financial information of an enterprise
balance sheet statement of a financial position, identifies assets, liabilities, and equity of business on a specific date
assets things businesses own and use as part of business operations
depreciation decline in value of asset as it ages
liabilities things businesses owe to others
owner's equity total value that all owners and investors have in a firm
income statement provides view of financial changes in a business that have occurred during specific time period
cash flow statement prepared to show hoe cash is used by a business during specific time period
financial budget projected financial statement for specific future time period
budget discrepancies differences between budgeted amounts and financial performance, to improve future budgeting and recognize effects on financial factors
operating budget projects all income and expenses for the operations of a business for a specific future time period
capital budget plan to acquire and finance long-term assets of a business
trend analysis examines financial performance over several periods of tie to determine patterns
interest rates cost of borrowing money, expressed as the percentage of borrowed amount, usually over 1 year time period
future value FV, is amount to which and amount of money will grow in a defined time period at specified investment rate
time value of money difference in purchasing power of amount of money at future date
present value current value of amount of money to by received at future date based on specified investment rate
Created by: 33447
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