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To make reflective responses more effective, one should: (1) repeat back to the other person exactly what they said to indicate you heard them correctly; (2) respond to the personal rather than the impersonal; and (3) respond to expressed feelings before responding to content.
Accounts Payable
Money owed by a business to its suppliers shown as a liability on the company’s balance sheet.
Net Income
The total earnings or profit of a company after subtracting all expenses, including taxes, interest, and operating expenses, from total revenue.
Merchandise Purchases Budget
A financial plan that estimates the cost of goods a business needs to purchase to meet its sales goals and maintain inventory levels.
Expected Cash Collections
The projected amount of cash a company anticipates to receive from customers over a specific period.
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