FINANCIAL MANAGEMENT EXAM QUESTIONS AND ANSWERS 100% CORRECT AND ACCURATE!!

Cash flow statement - ANSWER An accounting report that describes the cas that flows in and out of a business Check register - ANSWER A book in which one records the dates, amounts, and names of people to who checks have been written Collateral - ANSWER Property the borrower forfeits if he or she defaults on a loan Cost of goods sold - ANSWER The cost of the inventory a business sells durnig a particular period Debt capital - ANSWER Money loaned to a business with the understanding that the money will be repaid, with interest, in a certain time period Equity capital - ANSWER Money invested in a business in return for a share in the business's profits Fixed costs - ANSWER Fees that must be paid regardless of how much a good or service is produced General journal - ANSWER Used to record any kind of transaction General ledger - ANSWER Used to post items that are recorded in journals; ledgers separate transactions by account, allowing business owners to analyze accounts indiviually Gross profit - ANSWER Profit before operating expenses are deducted Journals - ANSWER Accounting records of th business transactions made