Unit 1 Flashcards
the use of a third party to settle a dispute by examining the arguments of the disputing parties and than imposing binding decision on the parties
Arbitration
The pattern of activities a company uses to make a profit
Business Model
A department of the federal government that acts as Canada’s tax collector
Canada Revenue Agency
A legal form of business that exists separately from its owners (shareholders) who have limited liability for the company’s debts
Corporation
Educators and employers in Canada are cooperating to foster these skills in graduates. Communications, teamwork, and computer literacy
Employability Skills
Someone who risks money to make a profit
Entrepreneur
Abilities that ensure the capability to make a profit. These include financial, negotiation and people skills
Entrepreneur Skills
An unsatisfied need or opportunity in the market place, produced by some kind of change that has taken place. Changes may be political, social, cultural etc.
Gap
Two or more people own and have the right to manage the company. Each owner in this agreement has unlimited liability for all debts of the company
General Partnership
Studies that are based on flawed logic or poor application of scientific methods
Junk Research
A situation where company owners do not have personal responsibility for the debts of their company
Limited Liability
A legal from of business with some partners (at least 1) having unlimited liability and having some limited liability
Limited Partnership
The general geographic area where a business can be found; neighborhood, municipality, region
Location
The use of a neutral third party to settle a dispute by assisting the sides to come to a voluntary agreement
Mediation
A very small business having fewer than 5 employees
Micro Enterprise
The contract between two or more people who are entering business ownership together
Partnership Agreement
Someone who would rather work for an employer but is forced into self-employment because they cannot find a suitable job in their chosen field
Reluctant Entrepreneur
A specific place where a business is conducted; a particular address, suite, building, or block of streets
Site
Independently owned organization existing to make a profit for its owner. Less than 500 employees
Small Business
Legal form of business where 1 person owns and has legal rights to operate the company. Has unlimited liability for he company debts.
Sole Proprietorship
Specializing in a particular group of potential customers
Targeting
All of the illegally unreported business and consumer transactions conducted for cash or barter on which taxes are not paid
Underground Economy
Total personal responsibility for the debts of a business
Unlimited Liability
A legal form of business where employees are the owners of the company. Each owner has one equal vote in selecting management and directing the company
Worker Cooperative
