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58 Cards in this Set
- Front
- Back
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World Wide Web
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The graphical interface of the Internet that allows a computer to link to other documents (pages) on the network. All called the Web.
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Workers Compensation
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Payment designed to help employees who have job-related illnesses or injuries and cannot work.
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Wide Span of Control
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A situation when a large number of people (typically 6 or more) report to a supervisor.
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Website
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A collection of linked World Wide Web pages, made available on the Internet by an individual, company, government agency, or other organization.
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Web-hosting service
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A company that stores a website on a specialized computer and makes it available to the internet.
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Warranty
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A seller's promise or statement of fact about a product.
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Warehouse-receipt loan
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A loan backed by inventory stored in a warehouse; the receipt is given to the bank as security. As the business sells the merchandise it repays the loan.
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Voluntary Bankruptcy
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Bankruptcy that occurs when an owner asks the court to declare the business unable to meet financial obligations and to provide it with protection from creditors.
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Virus
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A computer program created to do mischievous or malicious things to a computer or network
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Venture Capital
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Financing provided by a specialized firm operating with the expectations of high risk and high return
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Variable cost
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A cost that changes in relation to output.
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Use Tax
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A tax imposed by states on goods purchased in other states
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Uniform Resource Locator (URL)
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The unique address of an individual Web page.
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Uniform Franchise Offering Circular (UFOC)
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A written document through which franchisers make full presale disclosure, pursuant to a rule established by the Federal Trade Commission.
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Unemployment Compensation
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A required benefit designed to provide subsistence payments to employees who are between jobs.
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Understanding
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The second step in the communication process; it involves getting the receiver to comprehend the meaning of the transmitted message.
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Unbalanced Experience
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When an owner or manager lacks experience in one or more of the major activities required for running a business, which can lead to failure of the enterprise.
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Trademarks
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The registered names and symbols used for products involved in interstate commerce.
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Trade Credit
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Credit extended by one business to another, such as when a supplier allows a buyer to pay for goods within a specified period of time after delivery.
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Term Loan
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A bank loan provided for a specified period, usually one to ten years, which requires periodic repayments throughout its life.
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Taxes Payable
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Liabilities owed to the federal, state, and local governments.
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Tax Attorney
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A lawyer that specializes in dealing with tax-related issues. Information disclosed to them remains completely confidential.
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Supply Chain
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The network of facilities and business, that performs the functions of product development, procurement of materials from vendors, the movement of materials between facilities, the manufacturing of products, the distribution of finished goods to customers, and after-market support of sustainment.
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Succession
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In the context of a family-owned business, the transfer of ownership and management of a company from one generation to the next; if handled effectively, it can reduce legal problems associated not only with ownership but also with taxes and inheritance.
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Strategic Alliance
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A mutually beneficial working relationship between two or more independent companies for a specified period of time.
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Straight Commercial Loan
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A bank loan, usually self-liquidating, made for a period of 30 to 90 days.
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Stockholders
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The people who own stock in a company and are permitted to elect the board of directors.
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Stock Certificate
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A physical record of stock ownership; it can be sold if the owner is not happy with the investment, as long as a market for the stock exists.
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Stock
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An ownership stake in a company provided in return for an investment in that company.
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Statute of Limitations
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A law that disallows legal claims after a specified number of years have elapsed.
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Statute of Frauds
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A law that states that certain contracts must be in writing.
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Span of Control
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The number of people who report to a supervisor.
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Sole Proprietorship
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A business owned and controlled by one person.
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Social Security
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A required benefit contributed to by most firms and employees to support workers after retirement.
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Social Responsiveness
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A business's proactive support and contribution to new, controversial groups whose needs it sees as unfulfilled and increasingly important.
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Social Responsibility
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The obligations a business has to society.
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Social Obligation
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A business's reaction to social issues by simply obeying the laws and making contributions only when they show a direct economic benefit.
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Small Business Investment Company (SBIC)
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A company licensed, and often financed, by the SBA to provide venture capital to small businesses. By law, they are limited to an ownership stake of 49 percent or less.
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Small Business Administration (SBA)
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A federal government agency that provides financial and nonfinancial assistance to small businesses.
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Small Business
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An independently owned and operated company that is not dominant field of operation.
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Sliding Price Strategy
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A pricing strategy of using prices that move in relation to changing demand.
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Skimming Pricing
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A pricing strategy of using a high price designed to skim off the strongest demand in the marketplace.
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Simplified Employee Pension (SEP)
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A pension that combines an individual retirement account with a corporate profit-sharing plan.
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Silent Partner
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An individual known as a partner by the general public but who does not play an active role in the business operation.
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Short Term Loans
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A loan that is scheduled to be paid off in one year or less.
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Short Term Liability
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A liability that must be paid during the coming 12 months.
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Shopping Cart
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Specialized software that displays products, pricing, and shipping charges and is designed to make an online shopping experience easier for customers.
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Shared Advertising
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An advertising strategy whereby a group of similar businesses form a syndicate to produce generic ads that allow the firms to dub in or insert local information.
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Server
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A specialized computer that stores a website's pages and serves them to anybody that logs onto the computer and requests them.
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Self-liquidating Loans
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A loan used to buy inventory that is paid off by the sale of that inventory.
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Secure Server
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A server that uses encryption software to prevent the personal information it is handling from being read if it is intercepted by an outside source.
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Secret Partner
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A person not known as a partner by the general public but who plays an active role in the business operation.
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Secondary research
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Information that is already available and needs only to be gathered and, in some cases , further analyzed.
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Sales budget
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A budget that projects how much revenue a business expects to bring in, and on what schedule. The primary budget for small businesses; it serves as the basis for all other budgets.
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S Corporation
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A corporation whereby the tax code allows earnings to be taxed as partnership income to stockholders to avoid the double taxation on dividends.
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Revolving Credit Agreement
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A legally binding commitment by a bank to provide a specified line of credit.
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Revenues
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Gross sales during the period under review.
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Return on investment control
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The process of reviewing product lines revenues and costs and keeping only those lines that deliver a reasonable return on investment.
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