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Unit 2 Management

Business Ownership and Law

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