Paperwork Terms.
Shipping and Sales
Payment Terms
Forms
General Business Knowledge
100
Statement that show the company’s inflow and outflow of cash. The company needs to have enough cash to be able to pay off the expenses and purchases made. Tells whether or not the company made cash.
What is Cash Flow?
100
We charge our customers shipping because us paying for shipping would cut into our profits.
Why do we charge shipping?
100
Regular payment, from employer to employee.
What is wage?
100
Report wages and salary information, also reports taxes withheld from your paycheck. Completed at the end of the year. Purpose is to show the amount of taxes withheld from your paycheck. Provides wages and salary information. Completed for tax purposes.
What is a W2 form?
100
A business with one owner
What is a sole proprietorship?
200
Total amount paid to an employee each pay period.
What is Gross Pay?
200
Pricing of our products that match that of the regular market, and manage to remain competitively priced and affordably for the average customer. around the $200~ Range
How do we choose the price for our product?
200
Regular payment, but has an annual sum.
What is salary?
200
So your employer can withhold the correct federal income tax from your pay. Purpose is so employers can take taxes from your pay. Information it provides is proper federal income tax. You complete it because it is required when being hired.
What is a W-4 Form?
200
It is needed to organize a ideas as well as giving anyone a clear view of what the company is all about as well as the methods of operation.
Why do you need a business plan?
300
A spreadsheet that contains detailed information about a company’s assets, liability, and shareholders equity. Assets are what companies have that hold value. Liabilities are the amount of money the company is in debt, or owes another company. Shareholders equality is called capital or net worth.
What is a Balance Sheet?
300
Products that are added to the line of our products are chosen by popularity as well as the amount of profit such a product can generate.
How do we add products?
300
Amount of money added to wages, as a treat or reward for good performance.
What is a bonus?
300
Due by April 15th of each year. Purpose is file your federal return for free. Provides personal information. You complete this form so you can see the tax situations.
What is a 1040EZ?
300
An association with 2 or more people who manage a business
What is a partnership?
400
Employees pay after all the deductions.
What is Net Pay?
400
We remove products if they don’t sell, or if they become too costly to manage. Extinction or endangerment of any species of our products will also result in removal from our product line.
Why would we remove a product?
400
Getting paid to work overtime, and time that is not scheduled to you.
What is Overtime Pay?
400
Due January 15th. Purpose is to file annual income tax return. Provides income and deductions so you know the amount of tax you owe, or the money you will be given. You complete it so you know how much money you will receive back.
What is a 1040 form?
400
1.Business concept 2.Financial features 3.Financial requirements 4.Current business position 5.Major achievements.
What are the 5 vital components of a business plan?
500
Income remaining after deductions and available to spend however the employee desires.
What is Disposable Income?
500
$40 flat rate
What is our rate for shipping?
500
Partial amount of money for items sold.
What is commission?
500
January 15th
When is a 1040 due?
500
A corporation under federal income tax, separately taxed from owners
What is a C corporation?
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