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26 Cards in this Set
- Front
- Back
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Entrepreneur |
a person who organizes, manages, and assumes the risks of business in order to gain profits |
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Capitalism |
economic system is which private individuals own the factors of production |
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Innovation |
inventions that are so new and useful they change society |
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Assests |
all items to which a business or household holds legal claim |
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Inventory |
supply of items used in a business, such as raw materials or goods for sale |
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Liability (NIB) |
legal responsibility of an owner for all debts or claims againts a business |
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Revenue (receipts) |
income received from the sale of goods and/or services |
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Expenses (NIB) |
all costs that a business must pay to operate |
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Profit (NIB) |
the difference between a business' revenues and its expenses |
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Sole Proprietorship |
business owned and operated by one person |
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Partnership |
business that two or more individuals own and operate |
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Corporation |
type of organization owned by many people but treated by law as though it was a person; it can own property, make contracts and so on |
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Stock |
share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation |
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Limited Liability |
requirement in which an owner's responsibility for a company's debt is limited to the size of the owner's investment in the firm |
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Dividend |
portion of a corporation's profits paid to it's stockholders |
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Limited Liability Company |
type of business that protects the members againts losing all of theur personal wealth; members are taxed as if they were a partnership (similar to a corporation) |
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Joint Venture |
partnership set up for a specific purpose for a short period of time |
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Merger |
the legal combination of two or more companies that become one corporation |
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Franchise |
contract in which one business sells to another business the right to use the franchisor's name and sell its product |
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Goods |
products |
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Services |
the work you business or company does |
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Risk |
expose or put everything on the line |
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Revenues/Reciepts |
income |
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Expenses |
the cost required for something |
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Targert Market |
a group of customers that a business has pointed their product at |
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Unlimited Liability |
personal and business wealth can be taken away |
