General Business Questions and Answers

Need to know how to write and where to send an application for a gov. grant?




Answers: There are no grants for a for profit business unless you are opening a daycare. If you need money, you will need to apply for a loan. No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.

Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
Contact your local chamber of commerce and ask to speak to someone that can help you with grants. If it is for education though, you should fill out a FASFA online.

The income statement, is sometimes call what?

--it showes how much the business earned or lost during the year--


Answers: Statement of Operations.

Profit/Loss Statement.
Profit and Loss Statement

An Income Statement, also call a Profit and Loss Statement (P&L), is a financial statement for companies that indicates how Revenue (money received from the sale of products and services since expenses are taken out, also known as the "top line") is transformed into web income (the result after all revenues and expenses own been accounted for, also certain as the "bottom line"). The purpose of the income statement is to show managers and investors whether the company made or lost money during the length being reported.

In mention to charitable organizations, an income statement is call a Statement of Activities and Changes in Net Asset
It is sometimes call P&L or Profit & Loss Statement because it describes your revenues and expenses that results in any a profit or loss.

Profit = Revenues - Expenses

Income Statements can be shown as followed:

Revenues (Gross Sales) - COGS (Cost of Goods Sold) = Gross Profit

Gross Profit - Total Operating Expenses (Salaries/Wages, Depreciation, Administrative Expenses, Advertising, etc.) = Operating Income

Operating Income - Income Taxes = Net Income (Bottom Line ~ Profit / Loss)
The most common other dub is the Profit and Loss Statement, but it is also known as a Statement of Earnings. Moving forward, the revised IAS 1 Presentation of Financial Statements (effective for annual period beginning on or after 1 January 2009), change the titles of financial statements - 'income statement' will become 'statement of comprehensive income' and 'balance sheet' will become 'statement of financial position'

What happens if a certified cheque is lost what are the procedures to invalidate it in Canada?




Answers: The issuing bank can guide you through the process.

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