Vocabulary
An analysis of how projected and actual cash flows differ from one another.
Deviation Analysis
A business type that is always owned by a single individual and has a low level of funding available.
Sole Proprietorship
Unlimited
Measurable goals set that can be checked accountability of an individual or a business.
Metrics
A 'snapshot' of a firm at some point in time that summarizes the assets and liabilities.
Balance Sheet
Most individuals form this type of business for the purpose of gaining capitol to buy real estate.
Limited Partnership
In a limited partnership, who's responsibility is it to make management decisions from day to day?
General Partner(s)
The 5 requirements for a good mission statement are:
A projection of all costs that will be incurred by an organization over some period of time.
Budget
A downfall of this type of business is that if there is a disagreement, the business can will likely dissolve.
General Partnership
T/F - most partners have a successful relationship prior to starting a business together.
True
All members of this business type are personally responsible for the businesses debts and liabilities.
General Partnership
Cash that goes into a firm vs. cash that goes out of a firm.
Cash Flow
This business type provides the legal protection of a corporation, with the operating benefits of a sole proprietorship.
LLC (Limited Liability Company)
The biggest benefit of this business: it can qualify for tax exemption.
Non-For-Profit
When you purchase franchising rights, what are you really purchasing?
Ability to use a reputable company's brand.
A statement that summarizes how and where a firm will compete.
Mission Statement
This business type is subject to double taxation.
A special type of corporation that requires members of it to have a shared license (physicians, lawyers, dentists, etc)
Professional Corporation
This type of corporation can only have 100 shareholders or less.
S-Corp