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71 Cards in this Set

  • Front
  • Back
Sole Proprietorship
A business owned, and usually managed, by one person.
when two or more people agree to become co owners of a business
legal entity with authority to act and have liability apart from its owners.
Unlimited Liability
The responsibility of the business owners for all of the debts of the business.
Any debts of bus are yours
General Partnership
A partnership in which all owners share in operating the business and in assuming liability for the business's debt
Limited Partnership
A partnership with one or more general partners and one or more limited partners.
General Partner
An owner who has unlimited liability and is active in managing the firm.
Limited Partner
An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment.
Master Limited Partnership (MLP)
A partnership that looks much like a corp (in that it acts like a corporation and is traded on a stock exchange) but is taxed like a partnership and thus avoids the corporate income tax.
Limited Liability Partnership (LLP)
A partnership that limits partners' risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision.
Conventional (C) Corporation
A state-chartered legal entity with authority to act and have liability separate from its owners.
S Corporation
A unique government creation the looks like a corporation but is taxed like sole proprietorships and partnerships.
Limited Liability Company (LLC)
A company similar to an S corporation but without the special eligibility requirements.
The result of two firms forming one company.
One company's purchase of the property and obligations of another company.
Vertical Merger
The joining of two companies involved in different stages of related business.
Horizontal Merger
The joining of two firms in the same industry.
Conglomerate Merger
The joining of firms in completely unrelated industries.
Leverage Buyout (LBO)
an attempt by employees, management, or a group of private investors to buy out the stockholders in a company, primarily by borrowing the necessary funds.
Franchise Agreement
An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a give territory.
A company that develops a product concept and sells others the rights to make and sell the products.
The right to use a specific business's name and sell its products or services in a given territory.
A person who buys a franchise.
A business owned and controlled by the people who use it-producers, consumers, or workers with similar needs who pool their resources for mutual gain.
Accepting the risk of starting and running a business.
Entrepreneurial Team
A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product.
Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
Affiliate Marketing
An internet-based marketing strategy in which a business rewards individuals or other businesses (affiliates) for each visitor or customer the affiliate sends to its website.
Enterprise Zones
Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support.
Centers that offer new businesses low-cost offices with basic business services.
Small Business
A business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts.
Business Plan
A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).
Venture Capitalists
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
Small Business Administration (SBA)
A U.S government agency that advises and assists small business by providing management training and financial advice and loans.
Small Business Investment Company (SBIC) Program
A program through which private investment companies licensed by the Small Business Administration lend money to small business.
People with unsatisfied wants and needs who have both the resources and the willingness to buy.
Service Corps of Retired Executives (SCORE)
An SBA office with volunteers from industry, trade associations, and education who counsel small business at no cost (except for expenses).
The process used to accomplish organizational goals through, planning, organization, leading, and controlling people and other organizational resources.
A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.
A management function that inludes designing the structure of the organization and creating conditions and systems in which everything work together to achieve the organization's goals and objectives.
Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.
A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.
An encompassing explanation of why organization exists and where it's trying to head.
Mission Statement
An outline of the fundamental purposes of an organization
The broad, long-term accomplishments, an organization wishes to attain.
Specific, short-term statements detailing how to achieve the organization's goals.
SWOT Analysis
A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
Tactical Planning
The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.
Operational Planning
The process of setting work standards and schedules necessary to implement the company's tactical objectives.
Contingency Planning
The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives.
Decision Planning
Choosing, among two or more alternatives.
Problem Solving
The process of solving the everyday problems that occur.
Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.
listing all the Pluses for a solution in one column, all the Minuses in another, and the Implications in a third column.
Organization Chart
A visual device that shows relationships among people and divides the organization's work, it shows who reports to whom.
Top Management
Highest level of management.
Middle Management
The level of management that includes general managers, divisional managers, and branch and plant managers who are responsible for planning and controlling.
Supervisionary Management
Managers who are directly responsible for supervising, and evaluating workers.
Technical Skills
Skills that involve the ability o perform tasks in a specific discipline or department.
Human Relations Skills
Skills that involve communication and motivation.
Conceptual Skills
Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.
A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.
The presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.
Autocratic Leadership
Leadership style that involves making managerial decisions without consulting others.
Participative Leadership
Leadership style that consists of managers and employees working together to make decision
Free-Rein Leadership
Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.
Giving workers the education and tools they need to make decisions.
Knowledge Management
Finding the right info, keeping the info in a readily accessible place, and making the info known to everyone in the firm.
External Customers
Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.
Internal Customers
Individuals and units within the firms that receive services from other individuals or units.