BL Vocab Flashcards
Corporation ownership
A type of business ownership in which the business is owned by stockholders who have purchased shares of stock.
Partnership Business Ownership
A form of business ownership in which the business is owned by two or more persons. It doesn’t have the capability of selling stock. Offer lower tax rates but do not offer limited liability
Unlimited Liability Business Ownership
Business owners are responsible for paying all business debts.
Franchise Business Ownership
A contractual agreement between a parent company and a franchisee to distribute goods and services.
Bilateral Contract
A bilateral contract is when both parties promise to do something. EG: Party A promises to buy something for X dollars and Party B promised to give object to Party A.
Unilateral Contract
A contract where one party promises something. EG: Owner sets reward for finding lost pet
“S” Corporation Ownership
Business ownership that limits personal liability and offers a lower taxation rate. Profits go directly to stockholders who pay taxes as individuals. Avoids problem of double taxation on corporate profits
Business Tort
Wrongful acts committed against businesses that cause financial loss.
Trade Libel (tort)
Publishing an untrue statement against a business that causes damage to the business. (Not criminal offense and can’t press charges)
Principle Relationship
Fiduciary relationship
Tacit Knowledge
Knowledge that comes from experience. This type is difficult to explain with words and requires the user to actually experience it. EG: riding a bike
Explicit knowledge
Knowledge that is easy to explain in numbers, words and facts. (EG - Wasps can sting more than once while honeybees can only sting once)
Demographics
A group’s physical and social characteristics, such as interests, age, political views
