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Business 101
Project Mgt.
| Question | Answer |
|---|---|
| What is an Asset? | An item or resource with economic value |
| What is Capital? | Wealth in the form of money or assets |
| What is Equity? | Ownership of any asset after any debt associated with that asset is paid |
| What is Credit? (Re: Balance Sheets) | An accounting entry that increases assets on a companies balance sheet |
| What is a Debit or Debit entry? | An accounting entry that results in either an increase or a decrease in liability on a companies balance sheet |
| What does cost of goods sold mean? | The accumulated total of all costs used to create a product or service that a business sells or provides. |
| What does Liability mean? | A debt that a company must pay. Reflected on the balance sheet. (acct. payable, taxes, wages, accrued expenses.) |
| What is Depreciation? | Gradual conversion of the cost of a tangible capital asset or a fixed asset into an operational expense over the asset's useful life. |
| What is Amortization (A &B)? | A) Scheduled repayment of a loan through regular increments over a given period of time. B) A tax deduction for the gradual consumption of the value of an asset, especially an intangible asset. |
| What is a Balance Sheet? | A quantitative summary of a businesses financial condition at a specific point in the time. A Standard balance sheet has three main parts: Assets, Liabilities & ownership equity. |
| What formula must a Balance Sheet follow? | Liabilities + Share holder equity = Assets Assets - Liabilities = net worth |
| What is a Cash Flow Statement? | A quantitative summary of the actual flow of cash in & out of a business over a specific accounting period. |
| What does a Cash Flow Statement Answer? | A) Where the cash came from B) Where the cash went The Cash Flow Statement assesses the amount, timing & predictability of cash (inflows of cash & Outflows) which are used for budgeting & business planning. |
| What are the Typical Three main sections of a Cash Flow Statement? | 1) Operating Activities 2)Investing Activities 3)Financing Activities |
| What is an Income Statement? | A quantitative summary of a businesses performance reflected in profit or loss over a specific time period. (it itemizes the revenues & expenses for the given time period, resulting in profit or loss) (Income = Revenues - Expenses) |
| What is the formula that an Income Statement Must follow? | Income = Revenues - Expenses |
| What is a Mission Statement? | A Brief, Concise & Articulate description of an organizations purpose for existence. |
| What is a Vision Statement? | Declaration of an organizations goals for the mid-term or long-term future. |
| What are the Basic Forms of Ownership? | 1) Sole Proprietorship 2) General Partnership 3) Limited Liability 4) Company/Corporation |
| A LLC = Limited liability Co. is? | State/Not Federal. Limits amount of money invested & limits return. Not recognized for tax benefits. Personal Property not at stake. |
| Sole Proprietorship is? | Operated by one person or a married couple. No distinction between the individual & the business |
| A General Partnership is? | Business agreement between two or more people. Not registered with the state. Partners have unlimited responsibility for all profits, losses, debts or liabilities. |
| A Corporation is? | Business structure characterized by the State & given legal rights as a entity separate from owners. Registered W/State. Owned by Stock Holders. (Can be C corp. or S Corp.) |
| What is DBA? | DBA= "Doing Business As" =Brand the Business, not with your personal name. Allows you to advertise & accept payments under business name. Controls cost of multiple businesses under a structure using different DBA's. |
| What are corporate By-laws? | A Corporations internal rules & operational blue print (If not on paper, does not exist) |
| What is a "right of first refusal"? | A contractual right that gives it's holder the option to enter a business transaction w/owner, according to specific terms, before the owner is entitled to enter into that transaction with a third party. |
| What is Arbitration? | A form of dispute resolution by a third party (arbitrator), outside of court, who reviews & imposes a decision that is legally binding. (Loser pays both parties costs) |
| What is OSHA? | Occupational Safety & Health Admin. = Watches workers safety. |
| What are the Current 4 C's? | Consumer, Costs, Convenience & Communication (customer focused) |
| What is Collateral? | Assets pledged as a security on the value if a loan, which will be forfeited in the event of a default. |
| Negotiating the Lease: "The Build Out" Is? The "Lease" Is? | Build out = time period in which you can build the location w/no rent that is due. Lease = A contractual agreement. The Lessee (user) pays the Lessor (Owner) for use of the asset or tangible property. |
| What is a Rider? | A Rider outlines Different rules in the lease. Rules for Lessee (user not owner) |
| What is an "Option to Renew"? | Allows Lessee (User) to extend the lease for a specific time period. |
| What is Guaranty? | Used to help ensure that the Lessor will receive the lease payments in a timely manner. |
| In regard to negotiating the lease what are the three options given to us in class? | 1) Single-Net Lease 2)Double-Net Lease 3)Triple-Net Lease |
| What is a Single-Net Lease? | The Lessee or tenant is responsible for paying the real estate taxes |
| What is a Double-Net Lease? | The Lessee (user or tenant) is responsible for paying the real estate taxes & building insurance |
| What is a Triple-Net Lease? | The Lessee (user or tenant) is responsible for paying the real estate taxes, building insurance & common area maintenance |
| Re: Insurance: What is a Personal injury patient? | Patients that have sustained some type of injury from an accident |
| Re: Insurance: What is Workers compensation? | A type of insurance that pays the medical services for employees who get injured on the job. |
| What is NFL? | NFL = Non-For Profit |
| What is Usury? | Usury= the practice of making unethical loans to unfairly enrich lender (i.e....unreasonably high interest rates) |
| What is Fraud? | Deceptive deliberate practice in order to secure unlawful gain. |
| What is Negligence? | Failure to exercise prudence (or failure to take proper care when doing something) |
| What is Embezzlement? | An act of deliberately withholding assets for the purpose of conversion (theft) of such assets by individuals entrusted with the assets. |
Created by:
Lena Tortorice
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