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Basics of Business
Transcript of Basics of Business
Works with the employees
to make sure they are
meeting their goals
and have all the tools, equipment needed to do the job.
Records and reports financial activity
money & numbers
Collect money from customers
Prepare employee payroll checks
Work with bank statements
Purchase supplies & inventory
Functions of a Business
cannot function without the following departments:
Advantages - Easy to start, owner is his/her own boss, owner keeps all the profits
Disadvantages - owner has to pay all the bills, difficult to obtain capital (money) to start, owner may lack skills, owner has full responsibility of debts.
*Of all the different types of businesses, the Sole-Proprietorship has the most RISK & REWARDS!
5 Types of Businesses
Purposes of Business
1~ Profit - make money
2~ Meet needs & wants of customers by providing products & services
3~ Increase competition & provide choices
4~Investment opportunity - future income
two or more people
Ex: Law Firms, Medical practices
Advantages: Easy to start, easier to obtain capital, partners share skills & talents, partners share risks.
Disadvantages: Partners must agree and get along, must share profits, partner may quit.
A large business or organization (public or private)
Examples: Google, Nike, IBM
Advantages: Raise money by selling stock, can only lose what they have invested, stockholders can sell stock
Disadvantages: Taxed on profits, government regulated, difficult to start
agreement to sell a company's products or services at a specific location
Advantages: Easy to start, the name and reputation is already established, marketing material and supplies are supplied, owner gets guidance from the franchise.
Disadvantage: Some are strict, limited to what can be sold or provided, must operate like all other franchises. Parent Company provides training & support to owner (franchisee).
: Examples include food, clothing,vehicle, material items
: Examples include medical services, law services, transportation, etc.
The "back office" people who work behind the scenes and
make the important decisions
. Ex: Owner, President, CEO, etc.
Information Technology (IT)
to maintain e-mail, software programs, processing systems, etc.
for individuals AND the company.
Create ways to
the business (products/services) through social media, commercials, web site, etc.
The production of goods using raw materials
Other Departments (in manufacturing):
- produces a product using raw materials.
- inspects for best quality
Meets the needs of employees
regarding hiring, firing, pay, and benefits (insurance). Helps with educational opportunities & advancement.
- the product that is in stock and ready to be sold.
- a contest between similar businesses to win customers' loyalty & business.
- a person who buys a contract to operate a franchise.
- (same as a Parent Company) the franchise company that offers products, supplies, and training to the franchisee.
- the franchise company that offers products, supplies, and training to the franchisee.
- if the owner of a business goes bankrupt, they could lose all of their assets (house, car, etc.)
- if the owner of a business goes bankrupt, they could only lose a certain amount of their assets.
- Income is greater than expenses
- Expenses is greater than income
- When a product is to be returned to the manufacturer due to quality and/or safety.
Important because they help others
Any money earned is used for expenses only, so no profit is earned.
Contributions are tax-deductible
Purposes of Business
1~Profit - make money
2~Meet needs & wants of customers by providing products & services
3~Increase competition & provide choices
4~Investment opportunity (future income)
How Businesses are Classified
Functions of a Business
Needs & Wants
are food, water, shelter in which you need for survival.
are cell phone, tv, etc. that are nice to have.
The owners of the corporation are in full control and DO NOT SELL STOCK to raise money
The owners want to raise extra money so they sell stock.
A business that does not make a profit and customers can use as a tax deduction.