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Understanding Franchising, Apprenticeship, and Employment Terms

This presentation provides definitions and insights into key concepts related to franchising, apprenticeship, and employment. It covers essential terms such as franchisor, franchisee, job sharing, W-4 form, net pay, deductions, tax allowances, and exemptions. Learn how franchising allows individuals to leverage successful business models, the role of apprentices in gaining trade skills, and how job sharing can facilitate work-life balance. We also explain the importance of understanding gross pay and tax-related issues for both employees and employers.

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Understanding Franchising, Apprenticeship, and Employment Terms

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  1. ~!PPT.#9!~ BY:CASSIDY BARNETTE

  2. Franchise • An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities.

  3. Franchisor • Franchising is the practice of using another firm's successful business model.

  4. Franchisee • A franchisee is an individual who purchases the rights to use a company's trademarked name and business model to do business

  5. Apprenticeship • the position of apprentice • Here is the definition of apprentice; • One bound by legal agreement to work for another for a specific amount of time in return for instruction in a trade, art, or business

  6. Job sharing • Alternative workschedule in which two employees voluntarily share the responsibilities of one full time job, and receivesalary and benefits on pro-rata basis. Job sharing creates regular part time (half days, alternative days, alternative weeks, etc.) where there was one full time position, and thus avoids a total loss of employment in a layoff.

  7. W-4 form • IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS).

  8. Net pay • Net pay is the remaining amount after deductions from the gross salary, where net means ultimate

  9. Deductions • An amount that is or may be deducted from something, esp. from taxable income or tax to be paid.

  10. Tax allowances • An amount of income that can be earned tax-free. Tax allowances vary according to a person's circumstances

  11. Exemption • The process of freeing or state of being free from an obligation or liability imposed on others.

  12. Gross pay • A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrast

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