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Questions and Answers
What is the meaning of forecasting in the context of business?
What is the meaning of forecasting in the context of business?
- Analyzing current economic conditions
- Reviewing past financial records
- Evaluating the market demand for products
- Predicting future economic conditions based on past and present information (correct)
Which term refers to the income, especially that of a company or organization?
Which term refers to the income, especially that of a company or organization?
- Savings
- Cost
- Earned
- Revenue (correct)
What does the term 'incurred' mean in the context of accounting?
What does the term 'incurred' mean in the context of accounting?
- Acquiring a resource without payment
- Predicting future expenses
- Reviewing financial statements
- Recording resources in the accounting system (correct)
What does 'earned' income contrast with?
What does 'earned' income contrast with?
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Which term refers to the payment required for an object or action before it can be acquired or done?
Which term refers to the payment required for an object or action before it can be acquired or done?
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Study Notes
Business Financial Terms
- Forecasting in the context of business refers to the prediction or estimation of future events, trends, or outcomes, such as sales, revenue, or expenses, to make informed decisions.
- Revenue refers to the income, especially that of a company or organization, earned from its operations, sales, or services.
- Incurred in the context of accounting means to have been obliged to pay or to have become liable for a debt, expense, or loss.
- Earned income contrasts with unearned income, which is payment received for goods or services not yet provided or work not yet done.
- Price refers to the payment required for an object or action before it can be acquired or done.
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