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22 Cards in this Set
- Front
- Back
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Competition |
not being aware of and dealing with businesses fighting for the same customers |
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Taxes |
not being prepared for the money you must pay to the government on all of your profits |
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Labor costs |
overpaying or underpaying workers without considering market factors |
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Fines |
not being aware of government regulations and laws for quality and safety |
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entrepreneur |
a person who organizes, manages, and assumes the risks of a business in order to gain profits |
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capitalism |
economic system in 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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assets |
all items to which a business or household holds legal claim |
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liability (NIB) |
legal responsibility of an owner for all debts or claims against 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 it 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 were 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 debts 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 its stockholders |
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limited liability company: |
type of business that protects members against losing all of their 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 |
