At regular intervals, a balance sheet is prepared to show the assets, liabilities, and
owners’ equity of the small business.
A capital budget reflects a business’s plans for obtaining, replacing, and expanding
physical facilities.
In the context of small businesses, inputs consist of the goods and services required by
the customers.
Most small manufacturers have their own private warehouses.
The income statement reflects both the revenue and the expenses of a firm.
Publicity is information about a business that is published or broadcast without charge.
Businesses in the U.S. may have to rehire retirees as consultants because the number of
young adults is declining.
Temporary employees are ineligible for promotions and transfers.
Uncollectable accounts receivable can be written off by small businesses to decrease
business income tax liability.