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POB STUDY CHP 3&4
Principles of Business Chap 3&4 Study Guide
| Term | Definition |
|---|---|
| contract | a legally binding agreement between two or more people or businesses |
| offer | a proposal to provide a good or service |
| consideration | something of value promised in a contract |
| capacity | a person is legally able to enter into a binding agreement |
| philanthropy | promoting the welfare of others |
| lease | a contract to rent something |
| breach of contract | when one or more parties do not follow the agreed terms of a contract without having a legitimate reason |
| sales and service contract | lists the products or services provided by a business and the price the customer pays in exchange. |
| business ethics | principles that help define appropriate behavior in a business setting |
| code of ethics | a document that dictates how business should be conducted |
| for-profit business | an organization that generates revenue |
| not-for-profit organization | exists to serve some public purpose |
| extractors | businesses that use supplies from other producers to make products |
| wholesaler | a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers |
| retailers | directly provide consumers with products that meet their needs and wants. |
| proprietorship | the simplest and most common form of business ownership |
| partnership | an association of two or more persons who co-own a business with the objective of earning a profit |
| North American Industry Classification System (NAICS) | the numeric system used to classify businesses and collect economic statistics |
| board of directors | a group of individuals who make high-level management decisions for a corporation and establish company policies |
| stock | a share of ownership in a corporation |
| corporate culture | how the owners and employees of a company think, feel, and act as a business. |
| employment contract | describes the terms of employment between a business and an employee |
| false advertising | overstating the features and benefits of products or making false claims about them |
| proprietary information | any work created by company employees on the job that is owned by that company |
| social responsibility | behaving with sensitivity to social, environmental, and economic issues |
| trade secret | confidential information a company needs to keep private and protect from theft |
| code of conduct | handbook that outlines expectations of employee behavior |
| confidentiality | specific information about a company or its employees is never shared, except with those who have clearance |
| contract law | regulates how contracts are written, executed, and enforced |
| recall | order to remove or repair unsafe products in the market |
| acceptance | all parties involved must agree to the terms of a contract |
| ethics | rules of behavior based on ideas about what is right and wrong |
| integrity | honesty of a person’s actions |
| S corporation | form of ownership that provides limited liability to owners, but is taxed as a partnership |
| cooperative | business that is owned and operated by those using its services |
| extractor | business or person that takes natural resources from the land |
| business-to-business | business that sells primarily to other businesses |
| intermediary | person or business that sells the goods and services from producers to customers |
| general partnership | business that is co-owned by two or more general partners who are responsible for business operations |
| producer | business that creates goods and services |
| corporation | business that is legally separate from its owners and has most of the legal rights of an actual person |
| liability | legal responsibility |
| manufacturer | business that uses supplies from other producers to make products |
| dividend | portion of a corporation’s earnings distributed to stockholders |
| institution | nonprofit organization that may be either public or private |
| corporate bylaws | explains the practices and procedures to be followed in conducting business |
| limited liability company | form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships |
| proprietorship | business that is owned and often operated by a single individual |
Created by:
mrstephens
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