Entrepreneurship
What is an entrepreneur?
What is
An individual who creates a new business or own a business, bearing most of the risks and enjoying most of the rewards.
Someone who owns their own business.
What is another name for employability skills?
What is soft skills
How many forms of ownership are there?
What is Five (5)
What is seed money?
What is
money allocated or raised to initiate a project or early stages of a business
What is entrepreneurship?
What is
The procedure of starting a new business that prepares someone for both risks and opportunities.
OR
The process of owning your own business.
How many essential employability skills are there?
What is seven (7)
What are the different forms of business ownership?
What is
SOLE PROPRIETORSHIP, PARTNERSHIP, CORPORATION, NONPROFIT, LIMITED LIABILITY COMPANY (LLC)
What is the basic formula for profit?
What is
Profit = Selling Price - Cost Price
What are the four basic communication styles?
What is
passive, aggressive, passive-aggressive and assertive
What are employability skills?
What is
THE TRANSFERABLE SKILLS, QUALITIES AND ATTITUDES THAT EMPLOYERS SAY ARE ESSENTIAL FOR THEIR WORKPLACE TO MAKE AN INDIVIDUAL ‘EMPLOYABLE’.
Name the 3 common types of nonprofits
What is
Church, school and hospitals/clinics
What is depreciation?
What is
A reduction in the value of an asset with the passage of time, due in particular to wear and tear.
What is teamwork?
What is
the willingness of a group of people to use their individual skills to work together to achieve a common goal.
Name the employability skills
What is
POSITIVE ATTITUDE, COMMUNICATION,
TEAMWORK, SELF-MANAGEMENT, WILLINGNESS TO LEARN, THINKING SKILLS (PROBLEM SOLVING AND DECISION MAKING), RESILIENCE
What are the two types of partnerships?
What is
General and Limited Partnership
What is the 3 types of expenses?
fixed, variable and irregular
What are the two types of thinking skills?
What is
Problem solving and decision making
What is
connect with co-workers, customers and all levels of management, solve problems, be a part of and understand your role within the team, make responsible choices for your job and your career, be independent and take the initiative
What is a benefit of forming an llc?
What is
LLC IS SIMPLER TO SET UP THAN A CORPORATION
LLC ALLOWS FOR THE FLEXIBILITY OF A PARTNERSHIP STRUCTURE
LLC PROTECTS ITS OWNERS WITH THE LIMITED LIABILITY OF A CORPORATION, ITS MEMBERS ARE NOT LIABLE FOR THE COMPANY’S DEBTS.
LLX IS NOT SUBJECT TO DOUBLE TAXATION. PROVIDES THE PASS-THROUGH TAX ADVANTAGES OF PARTNERSHIP. PROFITS ARE TAXED PERSONALLY, AND SHAREHOLDERS ARE TAXED ONLY ONCE.
What is pro forma?
What is
a method of calculating financial results using certain projections or presumptions.