1
Q
Who can conduct business?
A
Sole proprietors
partners
corporations
2
Q
What are the different types of business entities?
A
Sole proprietors
Partnership
corporations
3
Q
What are the different tax forms filed for each type of business entity?
A
Sole proprietors - Schedule C
Partnership - form 1065 (and k-1 for each partner)
corporations - Form 1120 or 1120-s (for s-corps)
4
Q
Describe EDI
A
- electronic data interchange
- computer-to-computer transmission of business information
- Used for ordering and shipping document transfers
5
Q
Who can conduct business?
A
Sole proprietors
partners
corporations
6
Q
What are the advantages of a sole proprietorship?
A
- Low startup costs
- Greatest freedom from regulations
- Owner in direct control of decision making
- Tax advantages go to owner
- All profits go to owner
7
Q
What is a business plan?
A
- A good business plan guides you through each stage of starting and managing your business.
- Business plans can help you get funding or bring on new business partners.
8
Q
Name and explain 8 components of a business plan
A
- Executive summary
- Company description
- Market Analysis
- Organization management
- service or product line
- funding request
- Financial projections
- Appendix
9
Q
What is a stock split?
A
A stock split involves the issuance of additional shares of stock to stockholders, but each share is reduced in value.
The number of shares is increased in proportion to the decrease in stated value per share.
The purpose of a stock split is to increase the marketability of the stock by lowering its market value per share.
10
Q
What is a reverse stock split?
A
A reverse stock split involves taking back shares from stockholders, but each share is increased in value.
The number of shares is decreased in proportion to the increase in stated value per share.
The purpose of a reverse stock split is to increase the marketability of the stock by increasing its market value per share.
11
Q
What is the difference between private and public corporations?
A
Public companies have shares that are traded on a public stock market. Anyone can buy shares.
Private companies are not listed on a stock market. You can still sell ownership shares, but you have to find a buyer on your own.
Private companies can go public through an initial public offering.
12
Q
What are the tax implications for a sole proprietorship?
A
The owner of a sole proprietorship must fill out the Schedule C form titled “Profit or Loss From Business”.
13
Q
Explain static web-client/web-server interactions
A
- the user types a URL for a static page
- The browser sends an HTTP request to the web server.
- The server receives the request and retrieves the page and sends it back as an HTTP response
- The browser receives the response and formats it and displays it.
14
Q
Explain dynamic web-client/web-server interactions
A
- A dynamic page exist as a form that contains server controls.
- The request is sent to the server that contains the URL and information entered by user
- The server receives the request and if the request is not a static page, the server hands over the request to the appropriate application to generate an HTML document and sends it as a response
- The browser receives the information and formats it and displays it.
15
Q
How do scripting languages work with web?
A
Scripting languages are interpreted rather than compiled.
An interpreter is built into the web browser.
16
Q
Where would you place the code for a scripting language?
A
Place the code in the head section that needs to be executed when its called or when an event is triggered. This ensures the script is loaded before anyone uses it.
Place the code in the body section when it needs to be executed when the page loads. Script in the body section is used to generate content on the page.
17
Q
What are the tax implications for a partnership?
A
- Partnerships must file for an IRS identification number.
- Partnership must file form 1065 titled “Return of Partnership Income”
- Each partner must file form K-1 titled “Partner’s share of income…”
18
Q
What is a Corporation?
A
- A corporation is an artificial legal entity.
- It is created by registering with the government.
- There are type C and type S corporations
19
Q
What are the advantages of a corporation?
A
- Greater amount of capital can be raised through stocks and bonds.
- Corporate owner’s liability is limited to the amount of investment.
- Corporation ownership shares are easily transferred
- Corporations usually have longer lives than other forms of business ownership
- Professional management talent usually runs the corporation
- Corporations lack “mutual agency (only authorized individuals may bind the corporation to contracts)
20
Q
What are the disadvantages of a corporation?
A
- Corporate earnings are taxed twice: Earnings before taxes, and on stockholder dividends
- Subject to extensive government regulation (through SEC)
- Corporate ownership is separated from control of operations.
21
Q
How do you establish a corporation?
A
- Articles of Incorporation must be filed and approved by the state government
- Must have a corporation charter which is granted by the state upon approval of the articles of incorporation.
22
Q
What does the articles of incorporation include?
A
It must specify:
1. The name of the corporation by which it shall be known
- The objective of the corporation
- The estimated value of the property at the time of making the articles of incorporation
- The title of the person making such articles
23
Q
What does the articles of incorporation include?
A
It must specify:
1. The name of the corporation by which it shall be known
- The objective of the corporation
- The estimated value of the property at the time of making the articles of incorporation
- The title of the person making such articles
24
Q
What are the board of directors in a corporation?
A
The board of directors are responsible for management of the corporation
They establish policy and make decisions
They are elected by stockholders
25
What is the management team of a corporation?
The management team is hired by the board of directors.
The team is responsible for day-to-day operations of the corporation
26
What are the types of corporate stocks?
1. Common Stock
| 2. Preferred Stock
27
What is common stock?
1. Represents the primary ownership of stock in a corporation
2. Is the only issue form if only one class of stock is issued
28
What is preferred stock?
a type of corporate stock that gives stockholders certain privileges not given to common stockholders (for example rights to dividends)
29
What is preferred stock?
a type of corporate stock that gives stockholders certain privileges not given to common stockholders (for example rights to dividends)
30
What are the rights of common stockholders?
1. Receive a certificate of ownership
2. Transfer shares through sale or gift
3. Vote at stockholder meeting (one vote per share)
4. Right to purchase a portion of any new shares issued to maintain their percentage ownership (preemptive rights)
5. Receive dividends declared by the Board of directors
6. Receive a portion of assets remaining when the corporation liquidates
31
What are the rights of common stockholders?
1. Receive a certificate of ownership
2. Transfer shares through sale or gift
3. Vote at stockholder meeting (one vote per share)
4. Right to purchase a portion of any new shares issued to maintain their percentage ownership (preemptive rights)
5. Receive dividends declared by the Board of directors
6. Receive a portion of assets remaining when the corporation liquidates
32
What is Subchapter S?
A section of the IRS Code that allows a small corporation to elect to have the undistributed taxable income of the corporation taxed as personal income for the shareholders, thus avoiding payment of any corporate income tax
33
What is Subchapter S?
A section of the IRS Code that allows a small corporation to elect to have the undistributed taxable income of the corporation taxed as personal income for the shareholders, thus avoiding payment of any corporate income tax
34
What is an "S" corporation?
It is a corporation that has elected a special tax status with the IRS
This tax treatment allows the corporation not to be a separate taxable entity.
Instead the income of the corporation is treated like the income of a partnership and is "passed through" to the shareholders
Thus shareholders report the income or loss generated by an S corporation.
35
What is a "C" corporation
1. "C" corporations are taxed separately from its owners.
| 2. Most major companies are treated as "C" corporations for U.S. federal income tax purposes
36
What is an LLC?
1. A Texas limited liability company is created by filing a certificate of formation with the Texas Secretary of State.
2. The limited liability company is not a partnership or a corporation, but rather it is a distinct type of entity that has the powers of both a corporation and a partnership
3. Similar to a limited partnership, but all the owners are free to participate in management and all have limited liability
4. The owners of an LLC are called members. In general, the liability of members is limited to their investment. Members may enjoy the pass-through tax treatment.
5. The LLC can be managed by managers or by its members. The management structure must be stated in the certificate of formation
37
What is a series LLC?
A series LLC allows an investor to hold assets and liabilities within separate cells or series which effectively operate as subcompanies.
A series can obtain its own EIN if it chooses and be treated separately for federal tax puposes.
38
What are 4 business models?
1. brick-and-mortar
2. click-and-mortar
3. combined
4. store front model
39
What is brick-and-mortar business model?
businesses that only have a physical presence
40
What is click-and-mortar business model?
businesses that have both an online and offline presence
41
What is a combined business model?
businesses that team up together to have both an online and offline presence
42
What is the store front model
businesses that use a web presence to enhance their brick-and-mortar business.
43
What are the 6 ecommerce models
1. Business 2 Business
2. Business 2 consumer
3. consumer 2 business
4. Consumer 2 consumer
5. mobile commerce
6. person to person
44
Describe business to business model
1. businesses provide infrastructure for supply chains to other businesses.
2. in the vertical model, goods and services are sold across many types of industries
3. in the horizontal model, goods and services are sold for one industry
45
Describe business to consumer model
This model helps manufacturers sell cheaper and faster. It also can help with customer relationship management.
Examples include:
e-retailers: Amazon/Walmart
Content Providers: WSJ, CNN
Market creators: ebay, priceline
46
Describe consumer to business model
This model acts as a broker between consumers and businesses.
For example, Priceline allows consumers to make an offer for services.
47
Describe consumer to consumer model
This model allows consumers to sell to other consumers.
Examples: ebay.com, half.com, overstock.com
48
Describe Mobile ecommerce model
Access to the internet through handheld devices allows you to shop from anywhere at any time.
49
Describe person to person model
This model allows individuals to transfer money to each other.
Example: Paypal
50
What are the major parts of the class?
1. Teach how to make and maintain money (business or personal)
2. Learn what ecommerce is.
3. Business management
4. Financial management
5. Starting a buisness
6. Create a website to sell
51
What are web services? Why are they useful?
These are applications that execute across multiple computers on a network.
1. promotes software reusability
2. promotes collaboration
3. a web service is a class whose methods can be called by other machines
52
What are the components of a web service?
The basic platform is XML and HTTP.
The platform elements include:
SOAP - simple object access protocol
UDDI - universal description, discovery, and integration
WSDL - web services description language
53
What is SOAP?
Simple object access protocol is a communication protocol for communication between applications.
When a program invokes a method, the request and all information are packaged in a SOAP message and sent to the remote machine.
54
What is UDDI?
UDDI is a directory for storing information about web services. It communicates with SOAP
This is used like the yellow pages of web services
55
What is WSDL?
WSDL is written in XML and is used to describe web services
56
How do you create a web service?
Creating a web service is called publishing
Using a web service is called consuming
The web service has 2 parts: A proxy class representing the service, and a client application that can access the service through an instance of the proxy class
57
What is ecommerce?
1. paperless exchange of business information
| 2. ecommerce seeks to automate business tasks
58
What are the benefits of ecommerce?
1. Allow businesses to exchange goods and services immediately
2. Overcome time and distance barriers
3. Anyone can start a global business
4. Businesses can operate without offices
59
What are 4 ecommerce strategies?
1. Cut costs
2. improve quality of service
3. increase speed of time to market
4. Provide for decision support
60
What is effective and efficient management?
1. Tasks done correctly
2. Produce more output with a fixed input
3. Goal attainment
4. A combination of effectiveness and efficiency is good management.
61
What are the 5 processes of management?
1. Plan - set goals, objectives, and tasks
2. Organize - categorize tasks, and assign to staff
3. Staff - hire, develop, motivate, evaluate people
4. Direct - day to day leadership activities
5. Control - monitor performance and correct as needed
62
How do you setup a web server?
Easy way:
1. Purchase a domain name service and a web hosting service.
2. Configure the domain name service to redirect to the IP address of the web host. You can also configure your domain name service to use the DNS servers provided by your web hosting service.
3. Upload your web site files to your web host using FTP.
Manual Way:
Configure a computer with a static IP address to run a web server software application such as Apache or Nginx.
63
Describe the steps you have already completed for the shopping cart and what is pending
I HAVE NOT COMPLETED ANY STEPS SO EVERYTHING IS PENDING
64
What is the Coin Roll algorithm?
Assuming valid integer input that represents dollar amount:
1. Grab and parse the input. Save it as the balance.
2. Calculate the quarter rolls with integer math (balance / 10) ...
balance = balance mod 10
3. Calculate the dime rolls with integer math (balance / 5) ...
balance = balance mod 5
4. Calculate the nickel rolls with integer math (balance / 2) ...
balance = balance mod 2
5. Calculate penny rolls with integer math (balance / 0.5)
6. Print out input total with the number of each rolls.
65
What is the future value algorithm?
//main loop through years
//sub loop through 365 days: add daily interest to principal
if (day mod 30 == 0) : make a deposit (add it to principal)
// end sub loop
```
//main loop continued
if (year mod 6 == 0): make a deposit for missing 5 days (add to principal)
```
----------------
daily interest function ()
return (principal * rate) / 365
66
What is the postfix algorithm?
```
/* POSTFIX EVALUATION ALGORITHM */
for (each token in postfix expression) {
if (token == operator) {
op_2 = stackObject.pop()
op_1 = stackObject.pop()
result = evaluate(token, op_1, op_2)
stackObject.push(result)
} else {
stackObject.push(token)
}
}
result = stackObject.pop()
```
