Chapter 12 Section 1 Vocabulary

1. revenue- all income that a business receives over a period of time
2. expenses- the costs of operating a business
3. budget- provides detailed plans for the financial needs of individuals
4. start-up budget- plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
5. operating budget- describes the financial plan for ongoing operations of the business for a specific period
6. cash budget- an estimate of the actual money received and paid out for a specific period