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Forms of Business
Entrepreneurs
Accounting
Finance
Miscellaneous
100
A business owned by one person, who has all the liability and risk and all the rewards.
What is Sole Propietorship?
100
With this licensing arrangement, you can own a business with a known brand name and usually includes training and help to start the business.
What is a Franchise?
100
The three basic financial statements.
What are the Balance Sheet, Income Statement and Cash Flow Statement?
100
The two basic types of financing for business.
What is Debt and Equity financing?
100
The purpose of the Cash Flow Statement.
What is to tell how much cash there is?
200
Formed by filing "articles of incorporation" with the state.
What is a Corporation?
200
3 characteristics of entrepreneurs.
What are vision, self-relance, energy, confidence, tolerance of uncertainty and failure?
200
Another name for the Income Statement.
What is the Profit and Loss Statement?
200
2 forms of Debt financing.
What are credit cards, bank loans, personal loans?
200
The most common form of business in the US.
What are Sole Proprietorships?
300
The business form is a separate legal entity - has a "life of its own".
What is a Corporation?
300
3 sources of financing/funding for small businesses.
What are personal resources, loans, angel investors, venture capital?
300
Three users of Accounting information.
Who are Managers, Stockholders, Employees, Creditors, Suppliers and Government Agencies?
300
3 forms of Equity financing.
What are selling shares/stock, owners investing their own money, taking on a partner who provides capital, retained earnings?
300
The three categories on the Balance Sheet.
What are Assets, Liabilities and Owner's Equity?
400
An advantage of this form is the shared responsibilities and ease of formation.
What are Partnerships?
400
Wealthy individuals who invest in start-up companies.
What are Angel Investors?
400
This statement shows the VALUE of the company at a point in time.
What is the Balance Sheet?
400
How earnings per share is calculated.
What is net income divided by number of shares outstanding?
400
The highest total income form of business ownership in the US.
What are Corporations?
500
This form of ownership has the advantages of a corporation and a partnership combined. It is the newest form of business.
What is a Limited Liability Company?
500
Founders/Entrepreneurs who started Apple, Microsoft and Dell.
Who are Steve Jobs, Bill Gates and Michael Dell?
500
What stockholders use Accounting information for.
What is to determine if they whould by or sell their stock?
500
3 key financial ratios.
What are current, inventory turnover, avg collection period, debt to equity, debt to assets, return on equity, return on assets, earnings per share?
500
2 reasons Corporations are so popular.
What are limited liability, to raise capital by selling stock/shares, permanence, ease of transfer of ownership, access to specialized management?