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Unit 2 Management
Business Ownership and Law
| Question | Answer |
|---|---|
| Bankruptcy | A legal process that allows selling assets to pay off debts. |
| Business Plan | A written description of the business and its operations with an analysis of the opportunities and risks it faces. |
| Charter | an official document grantes by a state giving power to run a corporation |
| Cooperative | a business owned and operated by its user-members for the purpose of supplying themselves with goods and services |
| Copyright | similar to a patent in that the federal government gives and author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author |
| Corporation | a business owned by a group of people and authorized by ht state in which its located to act as though it were a single person |
| Creditors | those to whom money is owned |
| Dividends | profits distributed to stockholders on a per-share basis |
| Excise Tax | a sales tax that supplies only to selected goods and services, such as gasoline. |
| Income Tax | a tax levied against the profits a of business firms and against eating of individuals |
| Interstate commerce | business operations and transactions that cross over state lines |
| Intrastate commerce | business transacted within a state |
| Liscening | a way to limit and control those who olant to enter certain types of businesses |
| Partnership | a business owner by two or more persons |
| Patent | an agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention |
| property tax | a tax levied on the retail price of goods owned |
| proxy | a written authorization for someone to cote on behalf of the person signing the proxy |
| Sales tax | a tax levied on the retail price of goods and services at the time they are sold |
| Shares | equal parts of the division of ownership of a corporation |
| Sole proprietorship | a business owned and managed by one person |
| Stockholder | owners of a corporation |
| Trademark | a distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner |
Created by:
Laurah18
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