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ME 11 quiz

study for entrepreneurship class

TermDefinition
Angel investor someone who gives start up money to a new business
Business Owner Delivers specialized products/service to specific community
Deduction tax write off
Flexibility adaptability
Home-Based Business company operated in residential dwelling
Independence ability to think/act on own
Managers individuals who are responsible for coordination of resources
Opportunity circumstance that presents itself as favorable to meet objective
Passion strong feeling of enthusiasm,determination,devotion
Professional Development Steps one takes to enhance skills/traits to excellent in career
Self-Aware Conscious of one's owner strengths,weaknesses,emotions
Self-Employed Own boss
Skill ability to perform task developed through knowledge,training,practice
Support System network of individuals/organizations who offer assistance
Traits characteristics
Entrepreneurship process one goes through to start a business
Small Business owner starts small business to create jobs for themselves
Entrepreneurial Ventures desire to innovate,grow, and create new value
Innovation heart of entrepreneurship, engages intensive innovation
Amount of Wealth sbos create jobs for owners & ventures create wealth
Speed of Wealth wealth creation often fast(entrepreneurs) profit over time(Small)
Risk high risk in entrepreneurial ventures
Objectivity viewing things in unbiased manner
Regulations established set of rules
Business format franchise franchise arrangement in which franchise must operate under trade name
Consolidation form of business growth,corporation acquires smaller companies
Corporation form of business ownership owned by stockholders
Expansion form of company growth-company extends operation/facilities
Limited Liability Company(LLC) form of business ownership-members experience limited Liability,limited tax on company income limited life business ent
Merger two individual business combine into one organization
Partnership Business owned by two or more
Product trade name franchise(dealership) arrangement based on independent sales relationship between franchise or franchisor, stock and sell specific line of goods,
Sole proprietorship business owned by one person who receives all profit from business takes all risk
Dual / double taxation leveling two taxes on same income
Dividend sum of money paid to investor/stockholder as earning on investment
Limited Liability restricted chance of loss
Limited Liability Company (LLC) members of corp experience limited Liability, taxation on company income and limited life for business entity
Nonprofit Corpoartion legal business structure; primarily operated for purpose of serving others
Operating agreement written document signed by liability company;terms of business arrangement
Stock Holder Owners of stock; aka shareholders
Unlimited Liability requirement that business owners-responsible paying business debt
Franchising method of distributing recognized goods and services;legal agreement
Franchisor parent company and owner of name /system being distributed
Franchise contractual agreement between parent company and franchise
Franchisee one who buys right to sell goods/services of parent company
Master Licensee person/firm helps franchisors/franchisees particular in region
Multi-level marketing business structure pays commission on sales earned by people two or more levels
Operating Agreement written dpc,EMT signed by members or partnership
Piggyback Franchise form of ownership retail franchise operates within facilities of another store
Pyramid Scheme illegal form of multi-level marketing emphasis placed on collecting initial fees
Royalty fees paid to parent company often based on % of franchise's profit
Hybrid Business two or more organizations support their product/service goals
Created by: user-1861355
Popular Business sets

 

 



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