Ch 12 sec 1 vocab

 1.       Revenue – a income that a business receives over a period of time.
2.       Expenses- are the cost of operating a business
3.       Budget- provides detailed plans for the financial needs of individuals, families, and businesses.
4.       Start-up budget – plans income and expenses from beginning of a new business or a major business expansion until it is profitable
5.       Operating budget –describes the financial plan for ongoing operations of the business for a specific period
6.       Cash budget-  is an estimate of the actual money received and paid out for a specific period of time