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Unit 2
Business ownership and law
| Question | Answer |
|---|---|
| a legal process that allows selling assets to pay off debts | Bankruptcy |
| a written description of the business and its operation with an analysis of the opportunities and risks it faces | Business plan |
| an official document granted by a state giving power to run a corporation | Charter |
| a business owned and operated by its user-members for the purpose of supplying themselves with goods or services | Cooperative |
| similar to a patent that the federal government gives an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author plus 70 years | Copyright |
| a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person | Corporation |
| those to whom money is owed | Creditors |
| profits distributed to stockholders on a per-share basis | Dividends |
| a sales tax that applies only to selected goods and services, such as gasoline | Excise tax |
| a tax levied against the profits of business firms and against earning of individuals | Income tax |
| business operations and transactions that cross over state lines | interstate commerce |
| a way to limit and control those who plan to enter certain types of business | licensing |
| a business owned by two or more persons | Partnership |
| an agreement in which the federal government gives an inventor the sole right for 20 years to make,use, and sell an invention | Patent |
| a tax levied on material goods owned | Property tax |
| a written authorized for someone to vote on behalf of the person signing the proxy | Proxy |
| a tax levied on the retail price of goods and services at the time they are sold | sales tax |
| equal parts of the division of ownership of a corporation | shares |
| a business owned and managed by one person | sole proprietorship |
| owners of corporation | stockholder |
| a distinguishing name, symbol, or special mark places on a goods or service that is legally reserved for the sole use of the owner | trademark |
Created by:
racheledwards
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