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Franchise – individuals/groups buy the right to open and operate a Gold’s Gym
Items to consider when opening a new Gold’s Gym: How big should facility be? What equipment to include? How to let people know about the new facility Location
GOLD’S GYMGOLD’S GYM Why is location of a business important to the
success of that business? If difficult to get to, customers may not make the effort Not enough parking, customers will not find it convenient If business depends on drop-in customers, it should be
located where there is high vehicular or pedestrian traffic If difficult to enter or exit the business, customers may not
return If customers must walk from parking lot to get to business,
parking lot should be lighted Beneficial to have other popular businesses in the area to
What things would you consider when deciding where to locate a business such as Gold’s Gym? Lighted parking lot Accessibility to major roads Ample parking Proximity to public transportation Other popular businesses in the area (Kmart in St. Marys) Easy entrance/exit High vehicular and pedestrian traffic (Coffee Shop)
What is Accounting?What is Accounting? Financial Statements are financial reports that
summarize the financial condition and operations of a business. Can anyone name some financial statements?
Uses of Financial Statements: Business owners and managers use these statements to
make business decisions Suppliers that are considering extending credit to a business
and banks that are considering extending loans to a business will look at a business’s financial statements before granting credit or issuing a loan to the business
FUNDAMENTAL ACCOUNTING TERMSFUNDAMENTAL ACCOUNTING TERMS
Assets – anything of value that is owned Assets have value because they can be used either to acquire other
assets or to operate a business Ex. - Cash, Supplies
Equities – Financial rights to the assets of a business Two Types:
1) Equity of those that the business owes money to (TechKnow may buy supplies from Office Depot and agree to pay for them at a later date. Office Depot has a right to some of TechKnow’s assets until TechKnow pays for the supplies
Liabilities – an amount owed by a business 2) Equity of the Owner (Kim Park will own the business and invested
some of her own money into the business. She has a right to some of the assets)
Owner’s Equity - the amount remaining after the value of all liabilities is subtracted from the value of all assets