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Chapter 2
Test Thurdsay 10-01-15
| Term | Definition |
|---|---|
| Intrastate Commerce | business transacted within a state |
| Sales Tax | tax levied on the retail price of goods and services at the time they are sold |
| Partnership | business owned by two or more persons |
| Income Tax | a tax levied against the profits of business firms and against earing of individuals |
| Copyright | similar to a patent in that the federal government gives an author the sol right to reproduce, publish, and sell literary or artistic work for the life of the author plus 70 years |
| Interstate Commerce | business operations and transactions that cross over state lines |
| Business plan | written description of the business and its operations with an analysis of the opportunities and risks it faces |
| Cooperative | a business owned and operated by its user-members for the purpose of supplying themselves with goods and services |
| Bankruptcy | a legal process that allows selling assists to pay off debts |
| Creditors | those to whom money is owned |
| Shares | equal parts of the divison of ownership of a corporation |
| Trademark | a distinguishing name, symbol, or special mark placed on good or service that is legally reserved for the sole use of the owner |
| Excise Tax | a sales tac that applies only to selected goods and services |
| Licensing | a way to linit and control those who plan to enter certain types of businesses |
| Sole Proprietorship | a business owned and managed by one person |
| Patent | an agreement in which the federal government gives an inventor the sole right for 20 years to make, use and sell an invention |
| Charter | an official document granted by a state giving power to run a corporation |
| Proxy | a written authorization for someone to vote on behalf of the person signing the proxy |
| Dividends | profits distributed to stockholders on a per-share basis |
| Stockholders | owners of a corporation |
| 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 |
| Property Tax | a tax levied on material goods owned |
| Baby boom | High-birth-rate period between 1945-1965 |
| Baby Bust | Low-birth-rate period that followed the boomer period |
| Labor force | Troup that included most the people 16 or over who are available for work, whether employed of unemployed |
| Labor Participation Rate | Percentage of the labor force that is either employed or actively seeking employment |
| Glass Ceiling | Invisible barrier to job advancement |
| Sticky Floor Syndrome | Inability of workers to move up from low-level jobs |
| Comparable Worth |
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