Types of Ownership
owner and ran by one person
Sole Proprietorship
provides a skilled service, personal labor, or expertise instead of a physical product
Service
The process of creating a plan to spend money
Budgeting
records transactions in a chronological order
Journals
How much revenue did Apple generate last year?
251 Billion, 295 Billion, 378 Billion, or 429 Billion
378 Billion!
separate legal entity formed by documents filed with the state; owned by shareholders and managed by board of directors
Corporation
purchases finished products and resells them to consumers
Merchandising
Revenue generated from selling products or services
Sales
Records transactions by account time
Ledger
Who owns the NFL?
No one!
a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities
LLC
uses raw materials or components to create finished goods
Manufacturing
Money given to an organization or business without the expectation of receiving anything in return
Donations
Reports revenue, expenses, and net income
Income Statement
Tommy Pickles is from what show?
Rugrats!
legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liability for the actions of other partners
LLP
companies that may be classified in more than one type of business
Hybrid
Expenses that remain the same regardless of the level of production or sales
Fixed Expenses
Reports assets, liabilities, and equity
Balance sheet
What company makes Dasani?
The Coca-Cola Company
a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers
Non-Profit
List the 4 business types
service, manufacturing, merchandising, hybrid
Revenue - Expenses = ?
Expenses - Revenue = ?
Profit
Loss
Revenue - Expenses = ?
Net Income/Profit
A man dressed in all black is walking down a country lane. Suddenly, a large black car without any lights on comes round the corner and screeches to a halt. How did the car know he was there?
It was day time!