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Unit 2 Business
Unit 2 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 granted 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 an author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author plus seventy years |
| Corporation | a business owned by a group of people and authorized by the state in which it is located to act as thought it were a single person |
| Creditors | those to whom money is owed |
| Dividends | profits distributed to stock holders on a per-share bases |
| Excise tac | a sales tac that applies only to selected goods and services such as gasoline |
| Income Tax | a tax levied against the profits of business firms and against earning of individuals |
| Interstate Commerce | business operations and transactions that cross over state lines |
| Intrastate Commerce | business transacted within a state |
| Licensing | a way to limit and control those who plan to enter certain types of businesses |
| Partnership | a business owned by two or more person |
| Patent | an agreement in which the federal government gives and inventor the sole right for 20 years to make, use, and sell and invention |
| Property Tax | a tax levied on material goods owned |
| Proxy | a written authorization for someone to vote 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:
rachel.smith
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