BUSINESS HIGH SCHOOL-ENTREPRENEURSHIP Managing Business Finances Put Together a Financial Plan Obtain Financing for Your Business Protect Your Business Insure Your Business Finance, Protect and Insure Your Business Content Vocabulary: Assets Capital Liabilities Expenses Startup costs Inventory Payroll Transaction Audit Breakeven point Unexpected Business Expenses Manage Your Cash Flow Analyze Your Financial Performance Hire Experts Finances Unit 6 The Entrepreneur and Record Keeping Set Up a Record-Keeping System Understand Basic Accounting Track Your Inventory Record Keeping and Accounting Financial Management Essential Learning Expectations-Unit 6: Your financial plan will consist of 5 financial statements: start up costs, a cash flow statement, an income statement, a balance sheet, and a personal financial statement. Banks and government agencies can help you to find your business venture. The types of risks faced by business that are based on result, control, and insurability of the risk. Journals are accounting records of the transactions a business makes. Some businesses hire professionals to help keep accurate records. Computerized record keeping increases the efficiency of record keeping. Credit can help a business increase its sales, but unpaid credit also can cause a decrease in the profits of a business. In order to assess how well a business is doing, financial statements must be analyzed. Professionals can assist with financial planning, strategic planning and tax planning.