Jamie Johnson and "For Kidz

question 25

Multiple Choice

Jamie Johnson and "For Kidz"
Taking classes at a local university, Jamie heard a consistent theme from many professors, students, and parents in the community: "There is nothing for children in this rural area." Jamie always liked children and thought of starting a business "For Kidz" targeting children 12 and under.

-Where can Jamie go to get some help with his business idea?

• A)Small Business Development Center
• B)U.S.Department of Commerce office
• C)Incubator
• D)Small Business Administration Center

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Definitions:

Accounts Payable

The amounts a company owes to creditors for items or services purchased on credit which are due within a year or within a company's operating cycle.

Equipment

Tangible assets used in operations, such as machinery and computers, which are not intended for sale.

Owner's Equity

Owner's equity is the residual interest in the assets of the entity after deducting liabilities, representing the owner's claim on the business assets.

Income Statement

A report detailing a company's income and expenditures within a certain time frame, leading to a profit or deficit.