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Busi Mgmt Test #1

chapters 1-4 business essentials textbook terms

TermDefinition
General (or Active) Partner partner who actively manages a firm and who has unlimited liability for its debts
master limited partnership form of ownership that sells shares to investors who receive profits and that pays taxes on income from profits
tender offer offer by buyer to corp.'s shareholder, then will decide to sell or not to prospective buyer
double taxation taxes payable by corporation and shareholders
S corporation hybrid of a "closely-held" corporation and a partnership and organized and operated like a corporation but treated like a partnership for tax purposes
limited liability corporation hybrid of a "publicly-held" corp. and a partnership, organized and operated like a corp. but treated like a partnership for tax purposes
employee stock ownership plan corp. holding stock, eventually employees gain ownership
trade deficit imports exceed exports = "negative" balance of trade
trade surplus exports exceed imports = "positive" balance of trade
absolute advantage ability to produce something better than any other country; "individual best"
comparative advantage ability to produce something better than others; "between others"
licensing arrangement arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country
economic risk considers all nation's "economic" climate that may affect foreign investor
political risk anything a gov. might do or not do that might adversely affect a company
social orientation person's beliefs on importance of the individual vs groups they belong to
embargo gov. banning of a product exported and imported
power orientation beliefs within a culture of how to hold power and authority
quota restriction of the number of imported products
limited partner partner does not share but is liable for said limits in the investment
limited partnership type of partnership consisting of limited partners and a general or managing partner
small business development center SBA program designed to consolidate information from various disciplines and make it available to small businesses
small business investment company gov. regulated investment company that borrows money from the SBA to invest in or lend to a small business
venture capital company group of small investors who invest money in companies w/ rapid growth potential
niche a segment of a market that is not currently being exploited
law of supply they make more when price is high and less when low
law of demand you buy more when there's less and vise versa
supply curve graph of supplied at diff. prices
demand curve graph of demanded at diff. prices
stabilization policy to stabilize prices
market economy control through supply/demand
fiscal policies policies on how to collect and spend
collusion illegal agreement between two or more companies to commit a wrongful act
consumerism form of social activism dedicated to protecting the rights of consumers
mixed market economy including both planned and market economies
monopolistic competition numerous people trying to be different from competitors
oligopoly big group that can influence prices of their products
aggregate output items during given period
gross national product total value of all goods and services produced by a "national economy" within a given period regardless of where the "factors of production are located"
gross domestic product total value of all goods and services produced within a "given period" by a national economy through "domestic factors of production"
balance of trade exports minus imports
perfect competition small businesses all sell an identical product
external environment how outside can affect it
Created by: kealls
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