Section 1 Assessment
1. Financial planning is needed by small businesses only until they begin to make a profit.
False.
2. The basic financial equation is:
D: Revenue - Expenses = profit or loss
3. A cash budget is an estimate of the actual money received and paid out for a specific period.
True.
5. A: Profit: 13,071
B: Loss: 359,380
C: Profit: 230,435
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