FINANCIAL MANAGEMENT GOVAN’S CATERING SUPPLIES 1. Financial performance When looking at financial performance‚ the following observations can be made. Sales: sales volume is based on successful price competition by control of operating expenses (no sales staff employed) and quantity purchases of materials at substantial discounts. One might expect that this would be correlated to a strategy of quick sales with a focus on quantity rather than quality. However
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Business Organization Research Notes Sole proprietors must also pay self-employment (SE) tax‚ a Social Security & Medicaire tax primarily for individuals who work for themselves. SE tax is figured using Schedule SE (Form 1040). Social Security & Medicaire taxes of most wage earners are figured by their employers. The SE tax rate is currently 15.3%. The rate currently consists of two (2) parts: 12.4% for Social Security (old-age survivors and disability insurance) and 2.9% for Medicaire
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as it did today if it had remained a sole proprietorship? Why or why not? * What were the advantages and disadvantages to sonic of each form of business ownership? * There have been lots of drive-in and fast food restaurants over time. In your opinion‚ what makes Sonic and other major franchises more successful than others? I personally do not think that Sonic wouldn’t have grown as large as they are now if they would have remained a proprietorship. When Troy Smith first started the company
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personal guarantee on the loans. Mr. Sleiman is not eligible for the $1 million step up in basis because of a few reasons. In Selfe v. United States‚ 778 F.2d769 (11th Cir.1985)‚ the case involved a sole proprietor who incorporated her existing business into an S Corporation. While a sole proprietorship‚ she obtained bank loans in her own name‚ secured by property that she owned. Once incorporated she then transferred her personal loans to the corporation. Once she transferred her personal loans‚ the
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when it is in demand and not 4. Identify the problems being encountered and factors affecting the sales 5. Prepare plan of action Questionnaire I. Profile Variables Name of Business: ___________________ Type of Business: _______ sole proprietorship _______ corporation _______ partnership _______ others Area of Business: _______ along the public market _______ other commercial area _______ residential area _______ others Number of workers:_______ 1 _______ 2 _______
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impresario of alternative rock concerts. She started in Midwestern college towns‚ but is now promoting concerts nationwide. Her business is still a sole proprietorship. Why would she choose to remain a proprietorship? What concerns does she face being one? There are a few reasons she would choose to remain a proprietorship‚ since it is a sole proprietorship she alone has claim of the company and all of the profit (Gottheil‚ 2013). She is also free to make the decsions she wants. One the other side she
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of business created in Chapter 1 is: a. Nonprofit. b. Repair and maintenance. c. Retail shop or online commerce. d. Sales-independent contractor. Ans: c 6. The business created in Chapter 1 will operate as a: a. Sole proprietorship. b. Corporation. c. LLP. d. LLC Ans: b 7. The first month of the year for the business created in Chapter 1 is: a. January. b. June. c. September. d. October. Ans: a 8. The new business created in Chapter
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line of business the businessman must decide whether he wants to set up large scale or small scale business. 3. Choice of form of Business organisation :- The next decision must be taken is to finalise the form of business i.e.‚ to set up sole proprietorship.‚ partnership or joint stock company. 4. Location of Business Enterprise :- The entrepreneur has to decide the place where the enterprise will be located. Before taking this decision he must find out availability of raw materials‚ power‚ labour
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Differentiate between entrepreneurs and businessmen. All entrepreneurs are businessmen but not all businessmen are entrepreneur. Time A businessman only spends his time on buying and selling products. However‚ an entrepreneur spends unlimited time in studying how to satisfy client’s needs and wants. Natural of job A businessman faces competition as ordinary challenge which makes him rigid in adapting to changes. An entrepreneur is always flexible in changing and refining his products. Decision
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organisation. First is Sole proprietorship which is also known as sole traders. Sole proprietorship is a business owned by a single owner‚ all the profit of the business will be owned by the owner himself and the owner also is responsible for all the losses incurred by the business. This a simplest form of business entity and is easily setting up and have lower cost. The disadvantage of this organisation is that the financial resources are limited. Example of sole proprietorship is the grocery stores
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