1. In a paragraph, Explain the difference between an operational budget and a capital or financial budget?

2. In a paragraph, Explain the difference between current and long-term liabilities?

3. In a paragraph, Explain what the three major types of financial statements are produced within a sport business?

4. In a paragraph, Explain the difference between a master budget, a capital budget, a financial budget and a static budget?

5. In a paragraph, Define the following terms related to Assets: Tangible, Intangible, Current, Liquid, and Fixed?

6.In a paragraph, Explain what is meant by the following financial ratios: Liquidity, Activity, Financial Leverage, Profitability, and Firm Valuation?

7. In a paragraph, Identify eight areas that are considered expenses for professional sports teams?

8. In a paragraph, Identify eight different source of revenue for a professional sports team?

9. In a paragraph, Explain the difference between Financial Accounting and Managerial Accounting and include the three primary financial statements created by financial accounting?