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Fall Final Part 2 - Principles
Part 2
30
Business
10th Grade
12/01/2011

Additional Business Flashcards

 


 

Cards

Term
Business ethics
Definition
Rules about how businesses and their employees ought to behave
Term
Code of ethics
Definition
Set of rules for guiding the actions of employees or members of an organization
Term
Patent
Definition
Gives the inventor the sole right to make, use, or sell the item for 20 years
Term
Copyright
Definition
Protects the creative works of authors, composers, and artists, Extends to 70 years after the personÂ’s death
Term
Trademark
Definition
A word, letter, or symbol linked with a specific company or products
Term
Monopoly
Definition
Exists when a business has control of the market for a product or service
Term
Producers
Definition
Create the products and services by individuals and other businesses
Term
Extractor
Definition
Business that takes resources from nature for direct consumption or for use in developing other products
Term
Farmers
Definition
cultivate land and use other natural resources to grow crops and raise livestock for consumption
Term
Manufacturers
Definition
Gets supplies from other producers and converts them into products
Term
Intermediaries
Definition
Businesses involved in selling goods and services of producers to consumers and other businesses
Term
Services
Definition
Carries out activities that are consumed by it customers
Term
Proprietorship
Definition
Business owned and run by just one person
Term
Partnership
Definition
Business owned and controlled by 2 or more people who have entered into an agreement
Term
Corporation
Definition
Owned by 1 or more shareholders and managed by board of directors
Term
Articles of Incorporation
Definition
Written legal document that defines ownership and operating procedures and conditions of the business
Term
Joint Venture
Definition
Unique business organized by 2 or more other businesses to operate for a limited time for a specific project
Term
Limited Liability Corporation
Definition
A partnership that provides liability protection for owners
Term
Nonprofit Corporation
Definition
group of people who join to do some activity that benefits the public
Term
Cooperative
Definition
formed so members can purchase goods and serves more cheaply as a group than they could individually
Term
Franchise
Definition
Written contract granting permission to operate a business to sell products and services in a set way
Term
Entrepreneur
Definition
Someone who takes a risk in starting a business to earn a profit
Term
Venture Capital
Definition
Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable
Term
Innovation
Definition
An invention or creation that is brand new
Term
Small Business
Definition
An independent business with fewer than 500 employees
Term
Business Plan
Definition
A written description of the business idea and how it will be carried out
Term
Start-up Financing
Definition
the amount of money needed to open the business
Term
Short-term Financing
Definition
the money needed to pay for the current operating activities of a business
Term
Long-term Financing
Definition
money needed for the main resources of a business
Term
Organizational Chart
Definition
A diagram that shows the structure of an organization
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