12.1 Vocab

Vocab

• 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