Taxes
What business structure has flexible taxing?
LLCs
Ensuring products or services meet set standards. Can include inspections, testing, and customer feedback.
Quality Control
What is Net Income Formula?
Revenue - Expenses = Net Income
A business owned and run by one person
Sole Proprietorship
Financing using borrowed funds
Debt Financing
When are taxes due for individuals and sole proprietors?
April 15
Managing the flow of goods from suppliers to customers. Includes ordering materials, working with vendors, and coordinating activities
Supply Chain Management
What is the balance sheet equation?
Assets = Liabilities + Owner's Equity
Shared responsibilities, resources, and liability
Partnership
Money raised from investors in exchance for ownership (shares)
Equity Financing
Entrepreneurs who work for themselves must pay into Social Security and Medicare
Self-Employment Taxes
Deciding when tasks and activities happen in production and service delivery. Includes employee work shifts, production runs, and delivery schedules.
Scheduling
What are the three sections of a cash flow statement?
Operating activities
Investing activities
Financing activities
Habitat for Humanity
Nonprofit Organization
What is the benefit of equity financing over debt financing.
It's not a loan, so you don't have to pay money back. You may still have to pay dividends though.
What are payroll taxes?
If the business has employees, the owner must withhold pay taxes on wages
What is inventory management?
Keeping track of raw materials, parts, and finished products.
Which of the three statements shows if the business can pay its bills?
Cash Flow Statement
What is a franchise
A business that sells the right to use its name, branding, and products to others
What is the benefit of debt financing over equity financing?
You don't have to relinquish ownership of the business.
Schedule C (Profit or Loss from Business – for sole proprietors)
Form W-2 / W-4 (employee wage reporting)
Sales Tax Returns (filed to state government)
Example: Running a sports training camp
Production
Balance Sheet
What is the difference between a corporation and a limited liability company?
Corporations are separate legal entities. Can raise money through investors.
LLCs have same protection as corporations (limited liability) but with simplicity of partnership. Flexible tax options.
What is the difference between an angel investor and a venture capitalist?
Angel investors typically invest their own money. Venture capitalists typically invest other peoples' money. Angel investors may provide more mentoring.