pt 3 Flashcards
Legal aspects to starting a business
- Write a business plan to determine probability
- Register a fictitious business name
- Choose a legal form for your business
- Sole proprietor
- Partnership
- Corporation - Get a federal tax i.d. number
- Learn about employee laws
- Obtain Necessary business license & permits
- File for trademark protection
- Open a bank acc to begin building business credit
The number one goal for a business organization and public organization?
Number one goal of any business organization is to make PROFIT
Number one goal for a public organization is to achieve your goals and objectives while working w your budget
Financing for a business DEBT?
- credit card
- micro enterprise loan
- credit union
- commercial bank
Financing for a business Grants/Subsidy?
- sba/usda loan
- tax credits
- chamber of commerce
- municipal incentives
Financing a business Equity?
- 401k loan
- crowd funding
- private investors (angel)
- personal savings
- friends and family
GDP meaning?
The total value of goods produced and services provided in a country for a specific time period (quarter or year)
Recession meaning?
Two successive quarters (3 months each) of a decline in GDP is classified as a recession
Depression meaning?
A prolonged recession
Inflation meaning?
The gradual rise in prices of products and services
4 types of economics - Traditional?
Hunters & Gathers ($0 median income)
4 types of economics Free market or enterprise?
Capitalism ($44,000 median income)
4 types of economy Command?
Communism & dictatorship (8,000 median income)
4 types of economy Mixed?
Socialism (22,000 median income)
World trade organization meaning?
The organization that creates and enforces rules governing trade among the nations
Global economy 4 types?
- imports
-exports - balance of trade
- limits on imports
~ tariffs- taxes
~ quotas- limit
~ embargos- blockade
