When Writing a Business Plan, It Is Important for an Entrepreneur

question 5

True/False

When writing a business plan, it is important for an entrepreneur to think of his or her assumptions as facts.

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Definitions:

Notes Payable

Written agreements where a borrower agrees to pay back a sum of money to a lender by a certain date.

Cash

An asset account representing currency or currency equivalents that can be accessed immediately or near-immediately.

Salaries and Wages Expense

The total amount spent by a company on its employees' salaries and wages over a specific period.

Accrued

Refers to incomes or expenses that have been incurred but not yet recorded in the financial statements due to the timing of cash flows.