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Business 100 Essay

910 words - 4 pages

There are different pros and cons when it comes to a partnership. One advantage of general partnerships is the flexibility they offer. In partnership agreements, the partners are free to set their responsibilities and benefits as they see fit or as the needs of the business dictate. The structure of the organization and the distribution of profits and losses are much more flexible in a general partnership than they are in a corporation. Because of this, an individual partner can be rewarded with higher profits for taking on more financial risk. Typically, corporations distribute dividends evenly according to the percentages of stock held by each stockholder. Possible benefits of sharing a ...view middle of the document...

For instance if you decided to fund your business with credit cards you may run into paying high interest rates, but you don’t have to give up equity. Or if you decided to look for grants you could look at it as having free money to start up your business but with grants there are always strict rules as to how you use the funds.
Managerial accounting is detailed data used for inside members of a company. Managerial accounting includes things like cost of the product, cost of shipping, cost of employee benefits, cost of turnover, basically every number available to a company. Each manager can use the data to do their job better. Human resources can use the cost of turnover and benefits to determine their budgets, and provide better 'pride in work' or even higher wages so they can prevent turnover. A store manager can use 'losses' data to see if employees or customers are stealing so he or she can add better security. All data is used differently for each manager.
If a manager needed to determine if their product was set at the right price they could view their sales data to see if the supply met the demand. If they sold too few items they could drop the price or make or buy less. If they sold too many products they could raise the price and order or make more.
The basic components of the marketing process would be knowing your product. The product i choose would be cookies and deserts. You also want to make sure that you will be able to sell the product everyone loves sweets so it should be fairly easy to find customers. One thing that you also want to be aware of is the competition so that you always stay ahead and know what...

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