You and your study partner are reviewing notes for a quiz on the role of the federal government in a market economy. You decide to take turns describing the six main functions of the government in a market economy. What are these six responsibilities? How does the federal government implement each responsibility to help entrepreneurs? Name each responsibility and explain how it applies to entrepreneurs.
Imagine you are an entrepreneur looking to hire additional employees to join your existing team of five accountants. You are exploring the options available for screening your applicants. Because you own an accounting business, you believe you will also need additional employee screening for the potential employees beyond typical new hire documentation. Name at least two forms of documentation that are typically required for the hiring process. Name the additional screening measures you will want to include and explain why additional screening may be necessary for your business.
Kylee and Jamie are entrepreneurs working to develop a new charging device for cell phones. As they develop their device, they will need to work with the federal agency that sets standards to protect the public from unreasonable risk of injury. What agency will Kylee and Jamie need to work with before they can take their product to market? Explain what the agency regulates and how the agency will help them comply with relevant laws.
Georgia is a beekeeper and has opened a small kiosk in her shopping mall, Naturally Sweet. Georgia and her two employees bottle and sell honey, as well as make and sell honey butter and homemade bread. Georgia is meeting with her accountant to discuss her tax requirements. What small business taxes will Georgia need to pay for her Naturally Sweet business? Describe at least three types of taxes, what is included in the tax, and who collects the tax.
Juanita owns a candle business. She and her employees make candles from beeswax and soy wax in a variety of colors, scents, and sizes. Originally, Juanita set up her business structure as a sole proprietorship. As her business is growing, she is reviewing her business ownership structure to decide if there may be a more favorable structure as it relates to her taxes. What other business ownership models might she choose? What are their tax structures? Describe three other models and why they might be better options than Juanita’s current sole proprietorship.