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Unit2 EOC MGMT
Arkansas EOC Unit 2 Management Review
| Term | Definition |
|---|---|
| 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 70 years |
| Corporation | 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 |
| Creditors | those to whom money is owed |
| Dividends | profits distributed to stockholders on a per-share basis |
| Excise tax | a sales tax that applies only to selected goods and services |
| 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 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 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 |
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tmwm1999
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