Assessment
1. True or false. Financial planning is needed by small businesses only until they begin to make a profit.
2. The basic financial equation is
a. Revenue- profit = loss
b. Expenses + revenue = profit or loss
c. Profit – loss = revenue and expenses
d. Revenue – expenses = profit or loss
3. True or false. A cash budget is an estimate of the actual money received and paid out for a specific period.
4.
a. $85,695-$72,624= $13,071
b. $1,824,300-$2,183680= $ -359380
c. $729,655-$499,220= $ 230435
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