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Introduction to Business - Posted

E a jury trial groups general introduction to

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Unformatted text preview: keholder groups (i.e. a jury trial). groups General Introduction to Business Information You Should Know Information Please review the following slides on your Please own and come with questions on Thursday. Thursday. Business Defined Business Business: Profit-seeking enterprises or activities Business: that provide goods and services that → Established to serve the needs of consumers Established → Owners seek to make profits Owners Revenue: Revenue: – – – Sales, Sales, the Top line, the What customers pay you when they by goods or What services. services. Profit: Rewards for taking risk – – – Net Income The Bottom Line What owners get to keep after subtracting all costs to What run the business. run A business has to do well to do good business Profit is NOT a dirty word! Without profit, businesses Without cannot… cannot… Provide jobs for people. Pay taxes to the Pay community. community. Do other socially Do desirable things. desirable Survive in a very Survive competitive global economy. economy. Basic Forms of Ownership Basic Number Sales 72% 6% Partnership 8% 13% Corporation 20% 81% Sole Proprietorship Sole Proprietorships: The simplest form of business The ADVANTAGES Easy to start Easy (Flexibility) (Flexibility) Simple tax rules: Simple business income = personal income personal DISADVANTAGES Unlimited liability: Unlimited responsible for all debts debts Limited resources Limited available available – Financial s...
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