Business+Ownership+How+Sweet+It+Can+Be

1.the lesson would probably be about candy duh!! 2.Legal responsibility to pay for damages or losses one has caused. 3a.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.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.A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange. d.An ownership share or shares of ownership in a corporation. e.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.The opportunity to borrow money or to receive goods or services in return for a promise to pay later. g.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. 4a.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.Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends. c.Regarding insurance policies: A set amount an insured person must pay per loss before the insurance company will pay a claim. d.When someone owns a business alone. e.A business with two or more owners who share the firm's profits and losses. 5a.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.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 is the imposition of two or more taxes on the same income (in the case of income taxes), asset (in the case of capital taxes) 6.It depends on whether or not your a sole proprieter or a partnership. 7.If you work in a partnership you each own 50%, but if someone fails to do what they need to both could suffer a huge deficit. 8.They wont have anything to worry about, especially with debt. 9.Someone could drop from your partnership and your left with nothing 10. Establish a **limited partnership** and name yourself its sole **general** partner to raise money 11.the disadvandages are that the business may not work and all the money you invested could just go to waste.