Introduction To Business Chapter 6

Front 1

income

Back 1

a gain or recurrent benefit usually measured in money that derives from capital or labor

Front 2

task

Back 2

a usually assigned piece of work often to be finished with a certain time

Front 3

nonprofit organization

Back 3

a type of business that focuses on providing a service rather than making a profit

Front 4

sole

Back 4

having no sharer ; being the only one

Front 5

function

Back 5

the action for which a person or thing is specially fitted of used for which a thing exist

Front 6

framchise

Back 6

contractual agreement to use the name and sell the products or services of a company designated geographical area

Front 7

partner

Back 7

a member of a partnership especially in a business

Front 8

producer

Back 8

a business that gathers raw products in the natural state

Front 9

manufacturer

Back 9

businesses that make finished products out of processed goods

Front 10

corporation

Back 10

company that is registered by a state and operates apart from its owners

Front 11

partnership

Back 11

a business owned by two or more people who share it's risks and rewards

Front 12

sole proprietorship

Back 12

a business owned by one single person

Front 13

limited liability

Back 13

a claim that holds a firms owners responsible for no more than the capital that they invested in it

Front 14

what percent of businesses in the unted states are sole proprietorships

Back 14

70percent

Front 15

income

Back 15

a gain or recurrent benefit usually measured in money that derives from capital or labor

Front 16

a usually assigned piece of work to be finished within a certain. amount of time

Back 16

task

Front 17

Non profit organization

Back 17

a type of business that focuses on providing a service rather than making a profit

Front 18

distribute

Back 18

to divide. amoung several or many

Front 19

wholesaler

Back 19

a business that distributes goods; also known as a a distributor

Front 20

sole

Back 20

having no sharer; only one

Front 21

accounting

Back 21

the function of a business that involves maintain and auditing records, sending out and paying bills, and preparing financial reports for business

Front 22

function

Back 22

the action for which a person or thing is specially fitted or used for which a thing exist

Front 23

involve

Back 23

to engage as a participant

Front 24

franchise

Back 24

contractual agreement to use the name and sell the products or services of a community in a designated geographical area

Front 25

partner

Back 25

a member of a partnership especially in a business

Front 26

producer

Back 26

a business that gathers raw products in the natural state

Front 27

manufacturers

Back 27

businesses that make finished products out of processed goods

Front 28

procurement

Back 28

the buying and reselling of goods that have already been produced

Front 29

production

Back 29

the process of creating, expanding, manufacrurinh, or improving services

Front 30

corporation

Back 30

company that is registered by a state and operates apart from its owners

Front 31

partnership

Back 31

a business owned hy two or more people who share the risks and rewards

Front 32

sole proprietorship

Back 32

a business owned by one single person

Front 33

limited liability

Back 33

a claim that holds a firms owners responsible for no more than the capital that they have invested in it

Front 34

management

Back 34

the process of achieving company goals by planning, organizating, directing, controlling, and evaluating the efficitice use if resources

Front 35

what percentage of business are sole proprietorship in the us

Back 35

70 percent

Front 36

how many times is a sole proprietorship taxed

Back 36

once

Front 37

what is a disadvantage of having a partnership

Back 37

unlimited liability

Front 38

what is an advantage of joining a corporation

Back 38

limited liability

Front 39

an organization that is owned and operated by its members is a

Back 39

cooperative

Front 40

if you want to limit your liability, what is the beat way to organize your business

Back 40

corporation

Front 41

during the life of a business, the way the business is organized can be _

Back 41

changed

Front 42

a business owned by ten people who share the risks and rewards of the business is a

Back 42

partnership

Front 43

what I'd the easiest way to organize a business

Back 43

sole proprietorship

Front 44

what are the advantages of a sole proprietorship

Back 44

1 easy to do
2 in charge of your own business
3 can make all of the decision
4 can keep all of the profits
5 lower taxes

Front 45

unlimited liability

Back 45

the owner is reponsabile for the company's debts

Front 46

what are the advantages of a partnership

Back 46

1 easy to start
2 easy to obtain capital
3 banks are more willing to lend money
4 taxed once
5 each partner. rings specific skills and talents

Front 47

what are the disadvantages of a partnership

Back 47

1 partners share the same risks
2 problems with getting along
3 unlimited liability

Front 48

how can you raise money in a corporation

Back 48

sell stock.

Front 49

what are the advantages of a corporation

Back 49

1 limited liability
2 ability to raise money by selling stock
3 company does not end if the owner dies

Front 50

limited liability

Back 50

holds a firms owners responsible for no more than the capital they have invested in it

Front 51

what are the disadvantages of a corporation

Back 51

1 double taxes
2 extra governmental restrictions
3 more difficult and costly to start

Front 52

cooperative

Back 52

a business organization that is owned and operated by its members

Front 53

what is the main reason people become entrepreneurs

Back 53

you become your own boss

Front 54

what are some challange of entrepreneurship

Back 54

getting loans, taking care of decisions

Front 55

why is a business plan important

Back 55

allows you to get loans from banks

Front 56

why is it important to get loans

Back 56

it is crucial if you want yo start a successful business

Front 57

why should entrepreneurs study their competitors before starting a business

Back 57

so they know how to set up their marketing strategy, what prices to sell products at, and what to sell

Front 58

why is a growth plan important to include in a business plans

Back 58

companies can be aware and achieve their goals

Front 59

SBA

Back 59

small business association

Front 60

virtual business

Back 60

a business that operates online

Front 61

what percentage of the us do small businesses employ

Back 61

50%

Front 62

management team plan

Back 62

discusses any partners and your teams capabilities

Front 63

company discripnation

Back 63

an outline of the business that helps invested understand the size, scope and type of business you plan to start

Front 64

product and service plan

Back 64

describes the products or servides you want want to offer

Front 65

vision and Mosin statements

Back 65

States guiding principles by which. business functions

Front 66

vision statement

Back 66

establishes the scope and purchase of a company that reflects it's values and beliefs (focuses on tommrow )

Front 67

mission statement

Back 67

expresses the specific aspersions of a company, the major goals it will try to reach (focuses on today)

Front 68

industry overview

Back 68

presentions your research of the industry

Front 69

competitive analysis

Back 69

indicates how the proposed business has am advantage over its competitors

Front 70

market analysis

Back 70

presnts your customer profile which includes your overall marketing and sales strategies

Front 71

marketing plan

Back 71

discusses how a company makes its customers assure of its products or services

Front 72

operational plan

Back 72

includes the business processes that reskukz in production and reliever of the product or service

Front 73

organzatuonal plan

Back 73

discusses the people who will run the firm as well as the management Philiposphy

Front 74

financial plan

Back 74

forecast for he business, data is usually shown in finanacla statements

Front 75

growht plan

Back 75

how the business will expand in the future

Front 76

contingency play

Back 76

likely risks of s business