Ch. 29 Financial Business Skills Flashcards
Where would you include the venders and suppliers that an owner intends to use?
Strategic Design and Development
What should the financial information section of the business plan include?
Detailed accounts of all of the expenses associated with start-up and maintenance: the cast of products, equipment, supplies, furnishings, and so on. *estimate of expenses *how you will pay loan back *how are you going to use the sources of Capitol?
Where would you find the 4P’s listed in a business plan?
Strategic Design and Development Plan
Ps: product, price, promotion, place
Who is a person that invests money in another person’s new business?
*Venture capitalist: a private individual (or group of individuals) who invest in businesses with the goal of gaining a return on their investment or profit
What is equity in an owner’s business?
The owner’s interest in the assets of the company after all the business’s liabilities have been deducted
What does a break-even analysis do?
The point at which all costs are covered and your business begins to earn profit
Should you report bonuses and tips as income?
YES
What are the 2 circumstances that allow you to send your income tax in another day other than April 15?
Holiday or weekend
If you are self-employed, how many time a year do you need to report and pay estimated taxes to the IRS?
Quarterly
Define Risk
The chance of incurring some type of harm, damage, or loss
