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29 Cards in this Set
- Front
- Back
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An individual who takes an idea and uses it to create a new business, while taking significant risk in doing so |
ENTREPRENEUR |
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Falling victim to shoplifting, vandalism, destructive acts of nature, and lawsuits |
LOSSES |
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Not being aware of government regulations and laws for quality and safety |
FINES |
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Overpaying or underpaying workers without considering market factors |
LABOR COSTS |
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Not being prepared for the money you must pay to the government on all of your profits |
TAXES |
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Not being aware of and dealing with businesses fighting for the same customers |
COMPETETION |
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Creating goods and/or services that are new and fresh in the market or change society |
INNOVATION |
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Finding ways to make things cheaper or easier (using better technology) |
EFFICIENCY |
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Providing small rewards for customers to buy from your business (coupons, rebates, etc.) |
INCENTIVES |
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Making sure consumers are aware of your goods and/or services (a.k.a. advertising) |
MARKETING |
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Keeping careful watch on the likes and dislikes of consumers (trends and fads) |
MARKET RESEARCH |
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Economic system in which private individuals own the factors of production |
CAPITALISM |
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Inventions that are so new and useful they change society |
INNOVATION |
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All items to which a business or household holds legal claim |
ASSETS |
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Supply of items used in a business, such as raw materials or goods for sale |
INVENTORY |
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Legal responsibility of an owner for all debts or claims against a business |
LIABILITY |
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Income received from the sale of goods and/or services |
revenue (receipts) |
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All costs that a business must pay to operate |
expenses |
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The difference between a business’ revenues and it expenses |
profit |
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Business owned and operated by one person |
sole proprietorship |
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Business that two or more individuals own and operate |
partnership |
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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 |
corporation |
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Share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation |
stock |
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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 |
limited liability |
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Portion of a corporation’s profits paid to its stockholders |
Dividend |
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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) |
limited liability company |
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Partnership set up for a specific purpose for a short period of time |
Joint venture |
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The legal combination of two or more companies that become one corporation |
merger |
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Contract in which one business sells to another business the right to use the franchisor’s name and sell its product |
franchise |
