Chapter 12-1 Vocabulary

Vocabulary:

• Revenue- all income that a business receives over a period of time
• Expenses- the costs of operating a business
• Budget- provides detailed plans for the financial needs of individuals, families, and businesses
• Start-up budget- plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
• Operating Budget- describes the financial plan for ongoing operations of the business for a specific period
• Cash Budget- an estimate of the actual money received and paid out for a specific period