BUSINESS
Agreement to the terms of an offer, creating a binding contract.
Acceptance
When you add up all your deductions and subtract them from your gross pay you end up with this____
Net Pay
This type of insurance is for any business. It is to protect the business against financial loss related to bodily injury, property damage, medical expenses, and defending lawsuits
General Liability
Regarding getting a loan, banks usually look at your past history and who you are as a person. This is called looking at your What???
Character
A set percentage of your wages or salary that is taxed, and taken out of your paycheck.
Income Tax
You’ll use THIS like a GPS for how to structure, run, and grow your business.
BUSINESS PLAN
A budget is a plan of how you will spend your money over a set period of time. Usually, you set your money into three different categories necessities, lifestyle, and savings/future.
Please list at least five necessities in adult life.
Rent/Mortgage
Debt
Utilities
Insurance
Car Payments - Gas/Loan
Health
Food
Credit Card Payments
This financial statement is a report that shows how much revenue a company earned over a specific time period (usually for a year or some portion of a year)
Income Statement
Assessment of ability to repay any loans/debts in the future or current time.
Capacity
A comprehensive and strategic document that outlines a business’s marketing objectives, strategies and tactics over a specified period.
MARKETING PLAN
Understanding and knowledge of the terms and conditions of a contract by all parties involved.
Awareness
Costs that remain consistent and do not change over time. These must be paid in regards of spending habits. Examples include rent.
Fixed Expenses
This financial statement provides detailed information about a company’s assets, liabilities and shareholders’ equity.
Balance Sheet
Any cash or assets available to pay for a loan or debt you might have.
Capital
Is meant for sole proprietors and general partners. This tax covers things like Social Security and Medicare.
Self-Employment Tax
The thing of value being exchanged between parties. It can be money, assets, goods or services, or promises.
Consideration
This part of the business plan provides a brief overview of the business, its mission, and key objectives
Executive Summary
THESE ARE SOME THINGS ON PRODUCT LABELS (FOOD/DRINKS):
Legible
Has key information (allergy, nutritional facts, usage instructions, and safety warnings.)
Packaging that stands out and reflects the company
Follows government regulations
Asset that can be used to secure a loan, reducing lenders risk.
Collateral
Are taxes that are from goods and services. Business are required to collect these and remit them to the state. The tax percentage varies on area.
Sales Tax
People signing a contract must have the Legal understanding to make a contract valid.
Capacity
This part of the business plan examines the industry, target market, and competitive landscape.
Market Analysis
List at least three parts of a Marketing Plan
Budget
Market Research
Mission Statement
Marketing Goals
Targeting
Product
These financial statements report a company’s inflows and outflows of cash. This is important because a company needs to have enough cash on hand to pay its expenses and purchase assets
Cash flow statement
An indirect tax on specific goods, services and activities. Usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.
Excise Tax