Types of Ownership
The most common form of business ownership
sole proprietorship
Materials derived from natural resources
Raw goods
this is the definition of direct deposit
your paycheck going straight into your bank account.
.5
this is the type of expense that changes every month
variable expense
this type of business ownership includes corporate farming
corporations
operates on donations and volunteers rather than income and profit?
non - profit organizations
this is how many times you get paid a year if you are paid bi-monthly
24
This is how you would write 1.45% as a decimal
.0145
this is the type of expense that stays the same every month
fixed expenses
Which of the following is NOT a disadvantage of a sole proprietorship? A. Owner has limited skills B. Harder to raise money C. High start-up costs D. Higher governmental regulations
D. Higher governmental regulations
moves finished goods from one business to another
intermediaries
this is how many times you get paid a year if you are paid bi-weekly
26
What is 25% of $100
$25
What are the two basic parts of a budget?
Income and expenses
Which of the following is NOT an advantage of an agriculture cooperative (co-op)? A. Voluntary membership B. Locations are limited C. Each member gets a vote D. Helps other co-ops
B. Locations are limited
Farm Bureaus are considered this type of business
non- profit
this is the definition of tax- exempt
things you do not pay taxes on
What is 18% of $200
$36
list 2 examples of assets
equipment, buildings that are paid off, cars that are paid off
what type of business ownership includes contract farming
partnerships
this is the first step in the product flow chart
raw goods
What deductions are tax -exempt (list 2)
health, dental, vision, life, FSA
If Kevin gives 6% of his paycheck ($1200 once a month) to a retirement account for one year. This is the amount that will be in his account at the end of the year.
1200 * .06 = 72
72 * 12 = 864
list 2 examples of liabilities
feed store bill, equipment loans, borrowed cash