ENTR 2070 - Entrepreneurship Financial Topics

4.5 Credits

Students are introduced to financial topics for small businesses. Financial topics include budgeting, creation of financial statements, and learning how to work with an accounting professional. Other topics covered are income tax, sales and use tax, payroll tax, unemployment tax, employee benefits, and retirement planning.

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Create a set of pro forma financial statements, including an income statement, balance sheet, and statement of cash flows, for a new business venture.
Develop and justify an annual operating budget for an entrepreneurial business.
Calculate and correctly apply Nebraska state and local sales and use taxes in various business scenarios.
Calculate an employee’s total compensation, including all applicable federal and state payroll taxes.
Compare and contrast the federal and state income tax liabilities and filing requirements for different business entities (e.g., sole proprietorship, partnership, LLC, and corporation).
Summarize the key filing requirements and deadlines for all business-related taxes covered in the course.
Evaluate and recommend a suitable employee benefits package for a small business, justifying the choices based on cost and employee retention.
Assess and differentiate between various retirement plans (e.g., SEP IRA, SIMPLE IRA, 401(k)) and their suitability for different types of entrepreneurial ventures.
Formulate a comprehensive funding strategy for a new business, evaluating the advantages and disadvantages of different funding sources.

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