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Unit 2 Business

Unit 2 Business Ownership and Law

QuestionAnswer
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