A Business Plan Can Be the Difference Between Running a Business

question 93

True/False

A business plan can be the difference between running a business proactively and running a business reactively.

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Definitions:

Credit Side

The right side of an accounting ledger where credits are recorded, typically increasing liabilities and equity or decreasing assets.

Expenses

The money spent or costs incurred in an entity's efforts to generate revenue, representing the cost of doing business.

Withdrawals

Funds taken out from a business by its owner(s) for personal use.

Credit

An accounting entry that either increases a liability or equity account, or decreases an asset or expense account.