Operations

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Operations

Profit and Law Statement

A financial statement that shows how much a business has earned.

Income Statement

Helps business owners to determine income from sales, costs for obtaining income,, expenses, and net profit, or loss.

Venture Capitalists

Look to make quick profits from their investments.

Trademarks

Used to identify a business product.

Patents

Used to protect inventions, it protects ideas for products.

Bookkeeping System

Monthly records: cash-flow statement, profit and loss statement, balance sheet.

Weekly records: bills to be paid, amounts owed to the business, payroll, taxes, insurance, quality control, inventory, general office records.

Examples of cash out: stamps supplies, inventory, bills for advertising.

Examples of cash in: cash receipts, checks, credit.

Designed to record, summerize, and analyze financial activities.

Prfit Loss Statement

3. After substracting any other expenses a "net profit"amount is totaled.

2. Substraction of goods sold to achieve a "gross profit" amount.

Gross profiy is the amount before you substract the other expenses.

1. Ledger income amount

Personal Saving Accounts

Are another way of financing for starting a business.

Limited Partners

They invest but do not get involved on daily operations of the business.

Copyright

Protects original work (written materials) but does not protect the idea itself.

Business Ownership

Corporations: charactered or registered by a state, it operates apart from its owner, needs a board of directors, a certificate of incorporation is necessary, and it is more complex.

Sole propietor: is the only person that receives the profits and the losses of the business.

Partnership: two or more people own a business and they both share in the assets, liabilities, and profits.