Attempts to Increase Income Are Part of the _____________ Component

question 8

Multiple Choice

Attempts to increase income are part of the _____________ component of financial planning.

• A) Obtaining
• B) Planning
• C) Saving
• D) Borrowing
• E) Spending

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Definitions:

Earned

Income or revenue that has been generated from business activities or services provided.

Cash

Money in the form of coins or banknotes, especially that used to operate a business.

Cash Basis

An accounting method whereby revenues and expenses are recorded when cash is received or paid, rather than when they are incurred.

Accounting

The process of recording, classifying, summarizing, and interpreting financial transactions to provide information that is useful in making business decisions.