Quick Lesson Summary

 

  • Four of the most common business types are:  Sole Proprietorship, Partnership, Corporation, and LLC’s.

 

  • Always practice good business ethics and you should never get into any trouble.  Understanding what is considered “non-ethical” will help in your future decisions.

 

  • Knowing some of the most common economics terms, and economy basics, can help you understand the effect it can have on your company.  You might be able to make sound hiring decisions based on economic news.  It will also help you be able to participate in economic discussion with upper management, etc.

 

  • There will be times when you are in an upper management meeting, or listening to a company wide CEO conference call, where many financial terms are used.  You should know and understand the most commonly used terms and theory like EBIT, EBITDA, Margins, ROI and Bottom line.  Most of the terms used are related to the Balance Sheet and Income Statement.  Ratios are also used to determine percentages, which can be compared with industry standards.

 

  • Know how finance and accounting practices are associated with your yearly budget.  You need to know how the budget process works to not only talk the talk, but to make sure you are not cutting yourself too short, or looking bad asking for too much.  Even though a lot of the information covered in this lesson may never pertain to you, the more you learn and understand, the more confident you will be whenever financial issues are discussed.

 

 

LESSON 8 - BUSINESS BASICS PART I - BUSINESS TYPES, ETHICS & LAW, ECONOMICS, FINANCE & ACCOUNTING
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