I need to know were i could go to learn business basics if i want to start up a thrift store?

Lizzie asks…

I need to know were i could go to learn business basics if i want to start up a thrift store?

I am planing on opening up a thrift store in michigan by the end of the year and i was wondering were their would be a good place to go and learn the basics of business as in taxes and finance it can be in person or be online any help would be appreciated

Craig Roggow answers:

Go to http://www.score.org/mentors and 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 volunteer SCORE mentor. They will guide you through the process.

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

SCORE has 350 chapters in locations throughout the United States and its territories, with 13,000 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business mentors.

Ken asks…

what does “put on finance” mean?

I called a thrift store to ask if they pay for clothes and they said they “put it on finance” what does this mean?

Craig Roggow answers:

They pay you little by little?
That would be a joke if they did.
What are they going to do – send you monthly checks for your old clothes?
They must have misunderstood you.

Maybe they thought you asked if they pay for some of their clothes.
In that case yes, a store will buy clothes from a merchant and finance it.
Sounds like you talked to an idiot.

Helen asks…

Personal finance and love of fashion (they don’t mix!)?

I absolutely love clothes, shoes and accessories. However, I also have a lot of goals (owning my own home, funding my retirement, etc.). While I consider myself reasonably frugal (i.e. I don’t just blow bundles of cash and often buy things at thrift stores) clothing and accessories are easily my biggest expense after rent/food…and my income is a modest one.

Fellow budget fashionistas: how do you reign in your love of shopping? Do you give yourself a budget? I don’t have one and honestly have no idea how much I spend (although I’m not in debt).

Craig Roggow answers:

They DO mix. Personal finance is MOSTLY about behavior, not math. If you love cloths, you need to take that into account when you make a budget. Increase your clothing budget and cut back in other areas.

I agree with those who said to use CASH. WRITE a budget at the beginning of each month. Put the cash amount of your clothing budget in an envelope labeled “Clothing”. Purchase ALL clothing and ONLY clothing from that envelope. When the envelope is empty, you are DONE buying cloths until next month. Use envelopes for food, gas, etc as well.

Sandy asks…

A few economic/business finance related questions (10 questions = 10 points!!)?

1. Which one of the following is not classi?ed as a thrift institution? (a) commercial
bank (b) credit union (c) mutual savings bank (d ) savings and loan association.

2. The principal characteristic of a commercial bank is that it (a) lends money for home
mortgages (b) provides businesses with checking accounts and loans (c) sells traveler’s
checks (d ) sells stocks and bonds.

3. The major source of income for banks is (a) service fees charged on their deposit
accounts (b) fees from the sale of government bonds (c) income from services such as
safe-deposit boxes, life insurance, and notary fees (d ) interest earned on their loans.

4. The section of a balance sheet in which a bank’s deposits are summarized is the
(a) capital stock (b) assets (c) liabilities (d ) net worth.

5. Lila Gallo borrowed $10,000 from her bank to build up the inventory of her stationery
store. The loan was payable in six months at 12 percent interest per year, which the
bank deducted in advance. How much money did Lila actually receive? (a) $10,000
(b) $8,800 (c) $9,400 (d ) $9,600

6. Most bank reserves are kept in (a) the vaults of other banks where they can earn interest (b) a Federal Reserve bank (c) miscellaneous investments so as to earn income
(d ) very safe, long-term government bonds.

7. With a reserve ratio of 25 percent and deposits of $4 million, what is the total amount
of money that a commercial bank is permitted to lend? (a) $3 million (b) $8 million
(c) $1.6 million (d ) $1 million.

8. The Federal Deposit Insurance Corporation guarantees (a) all funds deposited in all
?nancial institutions (b) funds deposited in commercial banks only (c) funds of any
depositor who buys a special insurance policy (d ) deposits of up to $100,000 in all
banks and thrift institutions in the United States.

9. Which one of the following statements about bank loans is true? (a) Most are offered
without cost to bank customers. (b) They add to the nation’s money supply. (c) Banks
try to lend as little money as possible, because in doing so, they reduce their reserves.
(d ) Loans are usually the least important part of a bank’s business.

10. In terms of dollar value, most payments in the United States are made with (a) cash
(b) checks (c) electronic funds transfers (d ) currency.

Craig Roggow answers:

Really? Why can’t you do your own homework or quiz?

John asks…

Where can i find the list of Financial Institutions in General Santos City?

*List of Banking System in General Santos City
(Commercial Banks both EKB and KB, Thrift Banks, Regional or Rural Banks)
*List of Non-bank financial intermediaries in General Santos City
(Investment houses. investment companies, instrument companies,
financing companies, pawnshops, lending investors, and Securities/Dealers/Brokers)
*Non-Bank Thrift Institutions

+++++++ if possible, their addresses will be included+++++++++

where can i find those infos? Is there any website where i can visit?

Craig Roggow answers:

There are plenty of proprietary databases where you could pull that information quickly. Unfortunately, if you don’t work at an investment bank, it’s hard to get your hands on them. SNL would be able to do it. Perhaps you could get free trial and do a run for the data. CapitalIQ could probably do it too.

Alternatively, try the federal reserve and the related regulatory agencies.

A bottom up method may be easier. Try contacting the General Santos Chamber of Commerce, or just look in the General Santos yellow pages under each heading.

Good luck!

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