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Type of businesses
A business is also called an enterprise. The owner is called an entrepreneur.(check pronunciation) A sole-trader owns and manages a business alone. It is easy to start but the owner is personally responsible for any debts (pron ) or damages. He has to understand everything about his business, from production to accounting, which is very difficult.
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Partnership
If you want to share management responsibilities with others, you can start a partnership. If there is a legal action against the partnership and you lose, you will have to pay for the damages and you might lose your house or car. This is called unlimited liability.
Pricing policy = the plan of a business about prices You have to know the prices of your competitors (=the businesses that sell the same thing). If demand is high for a product, it means that a lot of people want to buy it. You can sell your product for a high price. Supply = the amount of products or services on the market If you have too many products and customers dont really want to buy them, you have to sell them for a lower price because there is no demand for them. Surplus: 1. an amount that is extra or more than needed, opposite = shortage 2. the amount received greater than spent: a trade surplus of 400 million
Taxes
If you earn some money, you have to pay personal income tax. If your company earns profits, it has to pay corporate tax. You pay VAT (value added tax) for commercial transactions (when you buy something). The government might also levy property tax on rich people. A tariff or duty is paid if a product goes from one country to another country. An off-shore company has its center in a country where taxes are very low.
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Start-ups
A start-up is a newly formed business. If you want to start a business you can ask for money from your family or friends. You can also find investors, who will give money to the company. They might want shares of the company for their money. Banks give loans (credits), which you have to pay back with interest. (e.g. You get $10,000 and you have to pay back $10,000 + 14% more). A mortgage loan is a loan which is given to you if you use your house as a guarantee.
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More sites
Starting a business in Kenya: http://kenya.thebeehive.org/en/content/372/ 1354 Try different dictionaries for business words: http://www.businessdictionary.com/definition /revenue.html http://www.macmillandictionary.com End of slides!!
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