16 terms

Lesson 12: Small Biz Whiz

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Terms in this set (...)

business model
a description of the business concept and method by which a company will make money.
business plan
a detailed strategy telling how a company will put their business model into operation.
corporation
a legal entity which is separate and distinct from its owners in which ownership is shared, and which conducts business in its own name.
Doing Business As
"Dba"; fictitious business name statement filed with the state to identify the owner's name.
due diligence
research and analysis of a business to determine its financial and other conditions before buying it.
franchise
a form of a business organization in which a company that has a successful product or service licenses other businesses to operate under its name.
home based business
a small business operated out of the business owner's residence.
intellectual property
IP; the product of human intelligence and creation such as inventions, written works, and musical compositions.
limited liability company
LLC; a corporate structure that limits the personal liability of its members for the company's debt.
partnership
a form of business where two or more people share ownership and liability for the business.
profit margin
a profitability ratio that measures how much of every dollar of sales is kept by the business after expenses are paid.
Small Business Administration
U.S. government agency that provides counseling and loans to support the development of small businesses in America.
small business
a business enterprise having fewer than 500 employees.
sole proprietorship
a simple business entity owned and run by one individual.
start up
the early stages of a business enterprise.
Taxpayer Identification Number
TIN; a number issued by the Social Security Administration and used by the Internal Revenue Service (IRS) to identify a taxpayer; also called an Employer Identification Number (EIN)
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