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

Lesson 8 Presentation Overview

Once the presentation starts, it cannot be stopped until it is finished, however, at any time during the presentation, you can click the backspace button on your browser to return to this page. 

The presentations in this course usually lasts from 3 to 5 minutes. Once the presentation is finished, you will automatically be diverted to the quiz page.

If you do not want to view the presentation, you can bypass it by clicking the "Next" button and go directly to the quiz page.
This presentation consists of short key facts pertaining to this lesson. There will be instrumental music in the background, which can help inspire you to fully absorb the material. You can adjust the music level on your computer accordingly.
The text of these materials, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storing in an informational retrieval system or otherwise, except for students own personal use. The author does specifically disclaim any responsibility for any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this course.


© 2009-2017 MasterClassManagement.com  All Rights Reserved
This course is also available in book format.
Certification is the key to success
Online Management Courses Certification
Management Skills