Weekly Check - Entrepreneurship- Basics of Finance

Out of the legal structures listed below, which must pay "self-employment taxes"?

• Sole Proprietorship

• Limited Liability Corp

• Non Profit Corporation

• C-Corporation

Which type of document is definitely required before starting a business

• Group Financial Statements

• Personal Financial statement

• Break Even

• Property Tax

Which items should be included on the Assets side of the Personal Financial Statement

• Cash on hand

• Future income from you job

• Insurance Payments

• Real Estate

Net Worth, is the equation

• Assets - Liabilities

• Cash - Income

• Debts +Credit

• None of the above

The Income Statement, is also called the

• Profit and Loss Statement

• Is only used for Sole Prop type of businesses

• Includes Income and Expenses for the business

• P&L

Is an itemized list of income and expenses for a new business, which often covers the period up to commencing operations and perhaps a small amount of time after operations have commenced.

• Personal Financial Statement

• Balance Sheet

• P&R Statement

• Start Up Budget

is an outflow of money to another person or group to pay for an item or service, or for a category of costs.

• Start Up Capital

• Revenue

• Expense

• None of the above

Jackie is starting a new business as a make up artist. She already has a lot of customers, that she met on social media. Now she wants to open a store in the mall, what would be some of her expenses?

• rent, insurance, utilities

• Revenue from her current customers

• Marketing

• supplies and inventory

Revenue

• Total receipts made from a local business

• When a venue is being renovated

• the income that a business has from its normal business activities, usually from the sale of goods and services to customers.

• none of the above

The government organization that helps to support small businesses, provides online forms and resources is

• OSHA

• The Better Business Bureau

• The Small Business Administration

• The IRS