3.01-3.02 vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | C-corporation
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| A business that is chartered by a state and legally operates apart from its owners. | show 🗑
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| : A legal agreement that gives an individual the right to market a company’s products or services in a particular area. | show 🗑
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| A person who purchases a franchise agreement. | show 🗑
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| The person or company who sells a franchise. | show 🗑
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| A partnership in which all partners have unlimited personal liability and take full responsibility for the management of the business. | show 🗑
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| show | Initial franchise fee
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| A partnership in which two companies join to complete a specific project. The partnership ends after a specified period of time. | show 🗑
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| show | Limited liability
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| show | Limited Liability Company (LLC)
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| A partnership in which the partners’ liability is limited to their investment. | show 🗑
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| Legal entities that make money for reasons other than the owner’s profit. | show 🗑
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| A form of business ownership in which two or more people share the assets, liabilities, and profits. | show 🗑
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| Goods from which everyone receives benefits. | show 🗑
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| show | Sole proprietorship
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| show | Strategic alliance
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| show | Subchapter S corporation
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| show | Unlimited liability
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| The SBA promotes small business development, helps businesses secure government contracts, and provides assistance and advice on how small businesses can increase revenues and profits. | show 🗑
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| A volunteer organization in which retired business executives share their business experience with small business owners. | show 🗑
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| Free counseling services provided by student teams at many colleges. | show 🗑
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| The Department of Commerce provides social and economic statistics for businesses as well as research and support for scientific, engineering, and technological development. | show 🗑
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| The FTC ensures that business practices in the United States are fair. It constantly monitors all aspects of business including pricing, competition, credit, and export trade. It makes and enforces rules that regulate trade and protect consumers. | show 🗑
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| show | Internal Revenue Service (IRS)
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| show | Small Business Development Center (SBDC)
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| Each state has a DOD. This agency administers federal community development programs. The DOD provides assistance to small and developing businesses through a Small Business Division and Minority Business Development Division. | show 🗑
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| show | Workers’ Compensation Board
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| show | The State Department of Agriculture and Consumer Protection Division
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| This agency issues identification numbers to retail businesses that collect and remit sales taxes. It also provides instructions for collecting, reporting, and remitting sales taxes to the state. | show 🗑
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| This agency provides businesses with information regarding employer responsibilities in relation to unemployment insurance. | show 🗑
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| This office provides general business information in addition to information and forms used for incorporation. It also provides forms used to register state trademarks and business names. | show 🗑
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| show | Chambers of Commerce
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| show | Colleges, universities, and technical schools
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| show | Licensing and Permit Offices
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| show | County Health Departments
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| show | County Extension Services
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Created by:
Jester Nerocker