1. If I hold up a bag of candy what do you think the lesson plan will be?
I think that the lesson plan would be about the business that makes the candy. 2. What is meant in the business world when we say liability?
Legal responsibility to pay for damages or losses one has caused. 3. What is meant in the business world when we say the following words?
a. money-Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
b. borrowing money-To receive and use something belonging to somebody else, with the intention of returning or repaying it--often with interest in the case of borrowed money. c. bank-A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange d. stock-An ownership share or shares of ownership in a corporation. e. financial markets-Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service f. credit unions-The opportunity to borrow money or to receive goods or services in return for a promise to pay later. g. insurance companies-A practice or arrangement whereby a company provides a guarantee of compensation for specified forms of loss, damage, injury or death. People obtain such guarantees by buying insurance policies, for which they pay premiums. The process allows for the spreading out of risk over a pool of insurance policyholders, with the expectation that only a few policholders will actually experience losses for which claims must be made. Types of insurance include automobile, health, renter's, homeowner's, disability and life. 4. Explain in full sentences what is meant in business terms:
a. cost deductions-An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
b. business income-Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
c. deductibles-Regarding insurance policies: A set amount an insured person must pay per loss before the insurance company will pay a claim.
d. sole proprietorship-a type of business entirely which is owned and run by one individual and where there is no legal distinction between the owner and the business.
e. a partnership-A business with two or more owners who share the firm's profits and losses.
5. Explain the follow terms in full sentences:
a. income tax-Payments made by individuals and corporations to the federal government (and to some state and local governments) based on income received (both earned and unearned).
b. corporation tax-A legal entity owned by shareholders whose liability for the firm's losses is limited to the value of the stock they own.
c. double taxation-the imposition of two or more taxes on the same income
6. What accounts for the differences in your recommendations?
client 3 does not have a way to get chocolate because of the war. 7. What are the negatives you identified and what are your solutions for dealing with them?
8. Why do you think most new businesses are sole proprietorships and partnerships? I think that it is because it benifits the owner or owners more. 9. What do you see as the biggest disadvantages of sole proprietorships and partnerships in the long term?
For sole proprietorships you take all of the liability.
I think that the lesson plan would be about the business that makes the candy.
2. What is meant in the business world when we say liability?
Legal responsibility to pay for damages or losses one has caused.
3. What is meant in the business world when we say the following words?
a. money-Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
b. borrowing money-To receive and use something belonging to somebody else, with the intention of returning or repaying it--often with interest in the case of borrowed money.
c. bank-A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange
d. stock-An ownership share or shares of ownership in a corporation.
e. financial markets-Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service
f. credit unions-The opportunity to borrow money or to receive goods or services in return for a promise to pay later.
g. insurance companies-A practice or arrangement whereby a company provides a guarantee of compensation for specified forms of loss, damage, injury or death. People obtain such guarantees by buying insurance policies, for which they pay premiums. The process allows for the spreading out of risk over a pool of insurance policyholders, with the expectation that only a few policholders will actually experience losses for which claims must be made. Types of insurance include automobile, health, renter's, homeowner's, disability and life.
4. Explain in full sentences what is meant in business terms:
a. cost deductions-An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
b. business income-Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
c. deductibles-Regarding insurance policies: A set amount an insured person must pay per loss before the insurance company will pay a claim.
d. sole proprietorship-a type of business entirely which is owned and run by one individual and where there is no legal distinction between the owner and the business.
e. a partnership-A business with two or more owners who share the firm's profits and losses.
5. Explain the follow terms in full sentences:
a. income tax-Payments made by individuals and corporations to the federal government (and to some state and local governments) based on income received (both earned and unearned).
b. corporation tax-A legal entity owned by shareholders whose liability for the firm's losses is limited to the value of the stock they own.
c. double taxation-the imposition of two or more taxes on the same income
6. What accounts for the differences in your recommendations?
client 3 does not have a way to get chocolate because of the war.
7. What are the negatives you identified and what are your solutions for dealing with them?
8. Why do you think most new businesses are sole proprietorships and partnerships?
I think that it is because it benifits the owner or owners more.
9. What do you see as the biggest disadvantages of sole proprietorships and partnerships in the long term?
For sole proprietorships you take all of the liability.