Business Planning
What is the first step in developing a business idea?
Conduct market research.
What is the simplest business structure?
Sole proprietorship.
What is the purpose of setting up a business bank account?
To separate personal and business finances.
What is the goal of a marketing strategy?
To attract and retain customers.
What type of tax do business owners pay on their income
Income tax.
What does a business plan outline?
Mission, goals, financial projections, and marketing strategy.
What does LLC stand for?
Limited Liability Company.
Name one funding option for a new business.
Personal savings, loans, investors, or grants.
What is branding?
Creating a unique identity for your business (logo, name, design)
What is a tax deduction?
An expense that can be subtracted from taxable income
What is market research?
The process of gathering information about your target audience, competitors, and industry trends.
What is one advantage of a corporation?
Limited liability for owners.
What is the role of accounting software in a business?
To manage income, expenses, and cash flow.
What is a target audience?
The specific group of people a business aims to reach.
What are quarterly estimated taxes?
Taxes paid four times a year based on estimated income.
What is a mission statement?
A brief description of a company's purpose and goals.
What is one legal requirement for registering a business?
Registering the business name.
What is cash flow management?
Tracking the flow of money in and out of the business.
What is the purpose of a grand opening event?
To generate buzz and attract customers.
What is a common business expense that can be deducted?
Home office expenses, travel, or equipment.
What is the purpose of analyzing the market?
To identify customer needs, competitors, and industry opportunities.
What is the difference between a sole proprietorship and a partnership?
A sole proprietorship has one owner, while a partnership has two or more owners.
What is the difference between a loan and an investment?
A loan must be repaid with interest, while an investment involves giving ownership stakes in exchange for capital.
What is the role of social media in business marketing?
To build brand awareness and engage with customers.
What is self-employment tax?
A tax paid by self-employed individuals to cover Social Security and Medicare.