Atm (Automated Teller Machine)

An ATM, or Automated Teller Machine, allows you to do simple banking transactions, usually 24 hours a day. Banking used to be mostly done by using a bank teller, however today banking is often done electronically. Banking transactions done by an ATM include depositing money, withdrawing money (getting cash), or checking your balance from either your savings or checking accounts. Benefits of using an ATM include easy access to banking services, and easy access to cash. This reduces the need to carry large amounts of cash.

To use an ATM, you will need a bank account, and you will also need an ATM card. With this card you will get a code, also known as a PIN. It is important that you keep the pin secret; otherwise someone else could potentially access your account.

To use the ATM, you will first place your card into the machine, and enter your PIN. Then you will be able to do your banking. Available transactions include withdrawing money, depositing money or checks, checking your account balance, or transferring money.

Safety is important when using the ATM. Keep your PIN number a secret, and do not disclose it to anyone. Do not write your PIN number on your ATM card. Also, do not keep your PIN on a piece of paper in the same location as your ATM card. Do not keep this number in your wallet. For added security, change your PIN number periodically. If your ATM card is ever lost or stolen, report it immediately to your bank.

If you are going to do a deposit, try to have all the necessary paperwork ready. In fact, try to keep some deposit envelopes with you so that way you minimize the time spent at the ATM.

Make sure the ATM location is well lit. Do not approach or use the ATM if the area looks unsafe. Look for suspicious people around the ATM. Use a machine that is visible to nearby traffic. If possible, bring a friend along to stand nearby when using an ATM. Avoid talking to strangers when using the ATM.

When entering your PIN, be sure no one is looking over your shoulder, and position yourself to block anyone from seeing your PIN code.

When your transaction is complete, be sure to take your money and place it immediately in your wallet or purse. Also, don't forget to take your ATM card before leaving. Do not stand around and count your money at the ATM. If there is a discrepancy between the amount withdrawn, and the cash received, then notify your bank immediately (be sure to identify the machine that you used).

Give the person using the ATM distance while you wait to use the machine. Complete your transaction as quickly as possible. Don't leave your bank receipt or trash at the machine.

Forms of business organization

A business may be privately owned in three different forms. These forms are: the sole proprietorship, the partnership and the corporation.

The sole proprietorship is the simplest organizational form. There is one owner who makes decisions without consulting anyone. Most private businesses are sole proprietorships. First of all, they are service industries, such as beauty shops, different repair shops, restaurants. But they account for only small part of all business receipts.

A partnership is an association of two or more partners to carry on business for profit. When the owners of the partnership have unlimited liability they are called general partners. If partners have limited liability they are limited partners. There may be a silent partner – a person who is known to the public as a member of the firm but without authority in the management, and a secret partner – a person who takes part in management but who is not known to the public. The advantages of this form are obvious: it can provide a big capital, diversified management, tax benefits from the government. Partnerships have certain disadvantages, too. One is unlimited liability. Other disadvantages are division of profits, disagreements between the partners and difficulty on terminating the business.

A business corporation is an institution established for the purpose of making profit. It is operated by individuals. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder. The advantages of this form are the following: 1) the ability to attract financial capital; 2) the possibility to invest the capital in plants, equipment and research, 3) the possibility to offer higher salaries and attract talented managers and specialists.

It is obvious that there are some disadvantages to incorporating. Here are a few of them: 1) initial cost and paperwork as incorporating involves expensive lawyers and detailed accounting records; 2) double taxation as incorporate income is taxed twice, first as corporation’s income and then as shareholders’ income; 3) size as large corporations sometimes cannot respond quickly to market changes.

Except privately owned business corporations there are some other types too. Educational, religious, charitable institutions are also incorporated. There may be governmental corporations. Such corporations do not issue stock and are nonprofit.