Business and Economics Reporting Lou Ureneck Boston University.

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Presentation transcript:

Business and Economics Reporting Lou Ureneck Boston University

Some basic concepts The first goal of a business is to make a profit. This is good for the owner, but also good for society because … it creates jobs that provide income. Also intangible benefits such as personal satisfaction. … it creates products and services that improve people’s lives.

Story ideas! New businesses and growing businesses. New products, better products. Interesting jobs.

Sometimes there are problems Businesses that break the law to make a profit Businesses that made shoddy or unsafe products Businesses that pay low wages or create unsafe workplaces. Businesses that pollute the environment. These too are stories.

Some terms Sole proprietorship: 1 person, 1 business. Partnership: 2 or more people, a written agreement on shared ownership. Corporation: Legal entity in which ownership is divided among owners of shares of stock. Limited Liability Company: Elements of a partnership and corporation.

Your local businesses Name, Address, Owner or operator, What makes the business different or special?

Three audiences Investors: Where to put their money Consumers: What to buy, or not buy Citizens: How to evaluate events and issues and make decisions about the society in which you live.

What is important to investors?

Investors want their money to grow Revenue: all the money a company takes in. Costs: The expense of generating revenue. Profit: all the money that’s left after costs.

Keeping score in business The income statement: revenue, costs, profit The balance sheet: what the company has and owns.

Your personal income statement and balance sheet. Revenue: Your pay from work Money from your parents Other sources Costs: Food Music Metro Profit : What is left in your pocket.

A real income statement McDonalds / /d10k.htm#toc84160_ 11 Nokia 3/ /u08203e20vf.htm#3 02

Corporations Legal entities formed for the purpose of doing business. Ownership is dispersed among the stockholders. Management is the not the same as ownership. Owners are not liable for corporate debts.

Corporate organization Board of directors (policy, long-range) Management (day-to-day) In theory, the corporation belongs to the owners.

Back to your businesses For next week, more development of your local business story. Upload to the class blog.