STARTING A BUSINESS INTERNET ACTIVITY/NOTES
Social Studies SOL 12.15

Access the IRS Tax Interactive Web site:

www.irs.gov/taxi(excellent site!)

Click on The Real Planet activity and answer the following Questions:

1. What are the 3 phases you need to know about starting a business: 

2. Explain the 4 important pieces to an effective business plan:

A.  Business Description- 
B.  Marketing Plan- 
C.  Financial Management Plan- 
D.  Management Plan- 

Choosing a Business Structure:
3. What is a Sole Proprietorship? 

4. What is a partnership? 

5. What do most cities require to legally open a business? 

6. What is a Federal Employer Identification # (EIN) used for?: 

7. What is the purpose of record keeping? 

8. Explain the 2 bookkeeping methods discussed on this Web site. 
 

9. What are 3 tips on bookkeeping? 
 

10. List 5 tips on record keeping. 
 

11. Describe and list the taxes a sole proprietorship would have to file. 

12. Describe and list the taxes a general partnership would have to file. 
 

Take the Kiki’s Challenge to see what you have learned.  Report your results here:

 

Jennifer Levet
Hermitage High School
Richmond VA