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Chapter 8 econ

Terms in this set (30)

small-business incubator
private- or government-funded agency that assists new businesses
receipts
income received from the sale of goods and/or services
startup
beginning business enterprise
entrepreneur
person who organizes, manages, and assumes the risks of a business in order to gain profits
inventory
extra supply of items used in a business
assets
all items to which a business or household holds legal claim
unlimited liability
requirement that an owner is personally and fully responsible for all losses and debts of a business
partnership
business that two or more individuals own and operate
joint venture
partnership set up for a specific task for a short period of time
sole proprietorship
business owned and operated by one person
franchise
contract in which one business sells to another business the right to use its name and sell its products
limited liability
requirement in which an owner's responsibility for business debts is limited to the size of the owner's investment in the business
stock
share of ownership in a corporation
corporation
type of business owned by many people, but treated by law as a single person
dividend
portion of a corporation's profits paid to its stockholders
expenses
to which element of business operation does the saying "you have to spend money to make money" refer
subtract total expenses from receipts
to determine whether a business made a profit you must
generate job creation and economic growth
the goal of a small-business incubator is to
equal to what you could earn elsewhere
when you run a business you should pay yourself a wage that is
for any business to be successful
record keeping is mecessary
sole proprietorship
the most common type of business organization is a
the proprietor has unlimited liability
the biggest disadvantage of a sole proprietorship is that
share the profits or losses
in a partnership the partners
only contribute funds or property to the business
in a limited partnership the limited partners
limited liability company
the business enterprise that is taxed like a partnership is a
corporation
the most important type of business organization in the united states today in terms of the amount of business done is the
it is taxed heavily
a disadvantage of a corporation is that
the state where the corporation is established
a corporate charter is granted by
a certain amount of dividend each year
holders of preferred stock are guaranteed
not having to pay for advertising
an advantage of franchising is
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