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Entrepreneurship
Unit 2: Planning a Business
| Question | Answer |
|---|---|
| A group of people who meet several times a year to make importnat decisions affecting the company | Board of directors |
| A person who sells businesses for a living | Business broker |
| A document that describes all the steps necessary in oopening and operating a successful business | Business plan |
| A business with the legal rights of a person, and which may be owned by many people | Corporation |
| A letter that explains or provides more information about a document or set of documents | Cover letter |
| Distributions of profit to shareholders by corporations | Dividends |
| A legal agreement that gives an individual the right to market a company's products or services in a particular area | Franchise |
| To set a business up as a corporation | Incorporate |
| A fee the franchise owner pays in return for the right to run the franchise | Initial franchise fee |
| A business owned by two or more people | Partnership |
| Financial statements based on projections | Pro forma financial statements |
| Weekly or monthly payments made by the owner of the franchise to the seller of the franchise | Royalty fees |
| A unit of ownership in a corporation | Share of stock |
| A business owned exclusively by one person | Sole proprietship |
| One-time only expenses that are paid to establish a business | Start-up costs |
| Organizations that promote certain types of businesses | Trade associations |
Created by:
myawn01
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