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Business > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

small business administration (SBA)

A

government agency charged with assisting small businesses

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2
Q

small business

A

independently owned business that has relatively little influence in its market

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3
Q

entrepreneur

A

businessperson who accepts bothe the risks and the opportunities involved in creating and operating a new business venture

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4
Q

entrepreneurship

A

process of seeking business opportunities under conditions of risk

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5
Q

business plan

A

document in which an entrepreneur summarized his or her business strategy for a proposed new venture and how that strategy will be implemented

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6
Q

franchisee

A

arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)

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7
Q

venture capital company

A

group of small investors who invest money in companies with rapid growth potential

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8
Q

small-business investment company (SBIC)

A

government-regulated investment company that borrows money from the SBA to invest in or lend to a small business

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9
Q

small business development center (SBDC)

A

SBA program designed to consolidate informaiton from various disciplines and make it available to small businesses

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10
Q

sole proprietorship

A

business owned and usually operated by one person who is responsible for all of its debts

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11
Q

unlimited liability

A

legal principle that holds owneers responsible for paying off all debts of a business

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12
Q

general partnership

A

business with two or more owners who share in both the operation of the firm and the financial responsiblity for its debts

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13
Q

limited partnership

A

type of partnership consisting of limited partners and a general (or active) partner

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14
Q

general (or active) partner

A

partner who actively manages a firm and who has unliimited iabilty for its debts

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15
Q

master limited partnership

A

form of ownership that sells shares to investors who receive profits and that pays taxes in income from profits

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16
Q

cooperative

A

form of ownership in which a group of sole proprietorships and/or partnerships agree to work together for common benefits

17
Q

corporation

A

business that is legally considered an entity separate from its owners and is liable for its own debts; owners’ liabilities extended to the limits of their investments

18
Q

limited liability

A

legal principle holding investors liable for a firm’s debts only to the limits of their personal investments in it

19
Q

tender offer

A

offer to buy shares made by a prospective buyer directly to a target corporation’s shareholders, who then make individual decisions about whether to sell

20
Q

double taxation

A

situation in which taxes may be payable both by a corporation on its profits and by shareholders on dividend incomes

21
Q

closely held (or private) corporation

A

corporation whose stock is held by only a few people and is not available for sale to the general public

22
Q

publicly held (or public) corporation

A

corporation whose stock is widely held and available for sale to the general public

23
Q

s corporation

A

hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes

24
Q

limited liability corporation (LLC)

A

hybrid of a publicly held corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liablity

25
Q

professional corporation

A

form of ownership allowing professionals to take advantage of corporate benefits while granting them limited business liability and unlimited professional liability

26
Q

miltinational (or transnational) coporation

A

form of coporation spanning national boundries

27
Q

corporate governance

A

roles of shareholders, directors, and other managers in corporate decision making and accountability

28
Q

stockholder (or shareholder)

A

owner of shares of stock in a corporation

29
Q

board of directors

A

governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets

30
Q

officers

A

top management team of a corporation

31
Q

cheif executive officer (CEO)

A

top manager who is responsible for the overall performance of a corporation

32
Q

strategic alliance

A

strategy in which two or more organizations collaborate on a project for mutual gain

33
Q

joint venture

A

strategic alliance in which the collaboration involves joint ownership of the new venture

34
Q

merger

A

union of two corporations to form a new corporation

35
Q

acquisition

A

purchase of one company by another

36
Q

divestiture

A

strategy whereby a firm sells one or more of its business units

37
Q

spin-off

A

strategy of setting up one or more coporate units as new, independent corporations

Business (17 decks)

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