Business Characteristics
A legal agreement between two or more people to be responsible for a business
Partnership
Things the business Owe
Ex. Equipment loan, Rental fees, Charge accounts
Liabilities
The amount of income received before cost of goods & taxes
Gross income
Style of speaking or behaving
mannerisms/Professionalism
A free period which allows you to avoid finance charges by paying your balance in full before the due date
Grace Period
Defined as a business which is owned and operated by one individual?
Sole proprietorship
This includes things of Value; Things the business possess
-Cash, Equipment, Buildings
Assets
The amount of income after cost of goods and taxes are deducted
Net Income
This is considered the most important skill in the workplace?
Effective communication
Are used to acquire larger, more expensive items.
Long-Term Loan
The right or license to sell a company's product or service at a designated location
Franchise
Remains the same regardless of the business activity
-Used for Rent, insurance
Fixed Expenses
Costs directly associated with making or acquiring products such as materials purchased from outside suppliers?
Cost of goods sold
Positive work behaviors and personal qualities which make individuals more likely to gain employment and succeed in their chosen career
employability
An amount paid to the credit card company for using their service each year.
Annual Fee
Products for distribution from raw goods
Producers
-Ex. Cost of supplies, advertising
Variable Expenses
Equation for profit?
Revenue - Expenses = Profit
The ability to cope with Job situations which benefit an individuals personal and professional life
Stress management
Short-term
Intermediate-term
Long-tern
The most complicated form of business/ Separate legal entity
Corporation
Equation for Net Worth
Net worth = assets - liabilities
the amount of revenue generated by a business?
Sales Figure
Defined as an employee prioritizing between work productivity, responsibilities, and their lifestyle.
Work-Life Balance
Name 3 Type Credit
Loans, Revolving credit account, Credit card