Term
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Definition
| In a limited partnership, the limited partner has unlimited liability. T or F |
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Term
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Definition
| A sole proprietorship is the most complex of all organizational structures. T or F |
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Term
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Definition
| With a "C" corporation, the company is liable for taxes on the corporation's profits and shareholders are liable for taxes for their dividends received. T or F |
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Term
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Definition
| The conduct of individual employees has a direct affect on the liability of a business. T or F |
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Term
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Definition
Which of the following is not an advantage when purchasing a franchise?
A. Obtain a proven concept
B. National name recognition
C. National advertising support
D. Sensitivity to menu items for local clientele |
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Term
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Definition
Which of the folioing organizational structures is least desirable from a liability perspective?
A. Limited partnership
B. General partnership
C. "S" corporation
D. Limited Liability Company |
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Term
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Definition
A type of business entity that offers liability protection to all owners and is exempt from taxation on its profits (no double tax) is?
A. Sole proprietorship
B. "C" corporation
C. "S" corporation
D. Limited partnership |
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Term
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Definition
| A management agreement is the legal agreement that defines the responsibilities of a business owner and the management company chosen to operate the owner's business. T or F |
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Term
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Definition
| REIT must pay corporate income tax and state income tax. T or F |
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Term
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Definition
| Owner-operator is a type of operating structure in which the owners of a business are directly responsible for its day-to-day operation. Also know, in some cases, as an "independent." T or F |
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Term
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Definition
| any person trained and legally authorized to act on behalf of others in matters of the law |
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Term
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Definition
| the act of initiating and carrying on a lawsuit. Often used to refer to the lawsuit itself |
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Term
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Definition
| the rules of conduct and responsibility established and enforced by a society |
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Term
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Definition
laws derived from historical customs and usage of a society, and the decisions by courts when interpreting those customs and usages
ex: marriage law |
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Term
| The laws of Great Britain |
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Definition
| The body of laws known as Common Law descends from _____ |
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Term
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Definition
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Term
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Definition
| When an employee makes a mistake at work, it is often the result of management error. T or F |
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Term
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Definition
| the body of law (usually in the form of codes or statues) created by governmental entities that are concerned with private rights and remedies, as opposed to criminal matters |
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Term
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Definition
| those laws which relate to the industry involved with the provision of food, lodging, travel and entertainment services to its guests and clients |
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Term
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Definition
| Select Train Educate Manage and Motivate |
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Term
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Definition
| a process that can be implemented that will reduce employee errors and omissions- and litigation |
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Term
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Definition
| to be legally responsible or obligated |
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Term
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Definition
| choices of proper conduct made by an individual in his or her relationships with others |
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Term
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Definition
responsible for collecting taxes and the interpretation and enforcement of the Internal Revenue Code.
File quarterly income tax return and make payments on the profits
File income and tax statement with Social Security Administration
Withhold income tax from wages of all employees, report all employee income earned as tips, record the value of meals charged to employees when the meals are considered a portion of an employees' income
Record all payments to independent contractor
Furnish a record of withheld taxes to all employees on or before January 31 |
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Term
| Occupational Safety and Health Administration (OSHA) |
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Definition
| an agency of the Department of Labor "to assure every working man and woman in the nation safe and healthful working conditions" |
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Term
| Environmental Protection Agency (EPA) |
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Definition
| charged with protecting human health and the environment, by writing and enforcing regulations based on laws passed by Congress |
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Term
| Food and Drug Administration (FDA) |
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Definition
| responsible for protecting and promoting public health through the regulation and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter pharmaceutical drugs (medications), vaccines, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices (ERED), veterinary products, and cosmetics |
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Term
| Equal Employment Opportunity Commission (EEOC) |
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Definition
| an independent federal law enforcement agency that enforces laws against workplace discrimination. The ____ investigates discrimination complaints based on an individual's race, color, national origin, religion, sex, age, perceived intelligence, disability (such as alcoholism) and retaliation for reporting and/or opposing a discriminatory practice. It is empowered to file discrimination suits against employers on behalf of alleged victims and to adjudicate claims of discrimination brought against federal agencies. |
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Term
| Bureau of Alcohol, Tobacco, and Firearms (ATF) |
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Definition
| federal law enforcement organization within the United States Department of Justice. Its responsibilities include the investigation and prevention of federal offenses involving the unlawful use, manufacture, and possession of firearms and explosives; acts of arson and bombings; and illegal trafficking of alcohol and tobacco products. The ATF also regulates via licensing the sale, possession, and transportation of firearms, ammunition, and explosives in interstate commerce. |
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Term
| Department of Labor (DOL) |
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Definition
responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments.
Wages and hours
pensions and welfare benefits
plant closings and layoffs
employee polygraph protection act
family and medical leave act |
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Term
| Department of Justice (DOJ) |
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Definition
| enforce the immigration laws |
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Term
| U.S. Citizenship and Immigration Services (USCIS) |
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Definition
| a component of the United States Department of Homeland Security (DHS). It performs many administrative functions formerly carried out by the legacy United States Immigration and Naturalization Service (INS), which was part of the Department of Justice. The stated priorities of the USCIS are to promote national security, to eliminate immigration case backlogs, and to improve customer services |
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Term
| unemployment compensation |
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Definition
| A benefit paid to an employee who involuntarily loses his or her employment without just cause. |
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Term
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Definition
| a benefit paid to an employee who suffers a work-related injury or illness |
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Term
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Definition
| also called civil liability acts: legislation, passed in a variety of forms and in many states, that imposes liability for the acts of others on those who serve alcohol negligently, recklessly or illegally |
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Term
| State Regulatory Agencies |
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Definition
Employment Security Agency
Alcohol Beverage Commission (ABC)
Treasury Department/Controller
Attorney General
Public Health Department
Department of Transportation |
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Term
| Local Regulatory Agencies |
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Definition
Health and Sanitation
Building and Zoning
Courts and Garnishment
Historical Preservation
Fire Department |
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Term
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Definition
the process of deducting money from an employee's monetary compensation (including salary), sometimes as a result of a court order. ______ continue until the entire debt is paid or arrangements are made to pay off the debt. ______ can be taken for any type of debt but common examples of debt that result in ____ include:
child support
defaulted student loans
taxes
unpaid court fines
A court-ordered method of debt collection in which a portion of a person’s salary is paid to a creditor. |
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Term
| International Regulatory agencies |
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Definition
World Tourism Organization (WTO)
International Civil Aviation Organization (ICAO)
World Health Organization (WHO) |
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Term
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Definition
| the legal entity that owns a business |
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Term
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Definition
| the relationship between a business's ownership and its management |
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Term
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Definition
a business organization in which one person owns and often operates the business
owners is responsible for all loss and debt
profits are taxed like individual's income tax |
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Term
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Definition
a business organization in which two or more owners agree to share the profits of the business, but are also jointly and severally liable for its debts
formed through oral or written contracts
profits are distributed according to agreements and tax rate is same as personal income tax |
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Term
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Definition
a business organization with two classes of owners. the limited partner invests in the business but may not exercise control over its operations. the general or managing partner assumes full control of the business operation
profits are distributed to the partnership and taxed at the same rate as the owner's personal income tax |
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Term
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Definition
| the entity in a limited partnership relationship who makes the management decisions and can be half responsible for all debts and legal claims against the business |
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Term
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Definition
the entity in a limited partnership relationship who is liable only to the extent of his or her investment
no right to manage the partnership |
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Term
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Definition
| a group of individuals granted a charter, legally recognizing them as a separate entity with rights and liabilities distinct from those of its members |
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Term
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Definition
| a portion of profits received by a shareholder, usually in relation to his or her ownership of a corporation |
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Term
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Definition
a type of business entity that offers liability protection to its owners, and is exempt from corporate taxation on its profits
any profits are distributed directly to the shareholders and reported individual owners tax returns at individual tax rates
some restrictions limit the circumstances under with it can be formed |
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Term
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Definition
a group of individuals granted a charter, legally recognizing them as a separate entity with rights and liabilities distinct from those of its members
corporation is liable for all debts
shareholders elect directors and managers
tax are double taxed, one time for corporation profits, second time for dividend of a shareholder |
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Term
| Limited Liability Company (LLC) |
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Definition
a type of business organization that protects the owners from liability for debts incurred by the business, without the need for some of the formal incorporation requirements
federal government does not tax the profits, some states do, some states don't
owners do not need to be U.S. citizens or permanent residents
do not need to hold annual meetings or record meeting minutes
can be owned by individuals or other companies |
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Term
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Definition
| a contract between a parent company and an operating company to allow the franchisee to run a business with the brand name of the parent company, as long as the terms of the contract concerning methods of operation are followed |
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Term
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Definition
| the person or business that has purchased and/or received a franchise |
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Term
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Definition
| the person or business that has sold and/or granted a franchise |
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Term
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Definition
| legal permission to do a certain thing or operate in a certain way |
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Term
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Definition
| a legal document that details the specifics of a license |
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Term
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Definition
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Term
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Definition
| one who is granted a license |
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Term
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Definition
| an entity that, for a fee, assumes responsibility for the day-to-day operations of a business |
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Term
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Definition
| the legal agreement that defines the responsibilities of a business owner and the management company chosen to operate the owner's business |
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Term
| Real Estate Investment Trust (REIT) |
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Definition
| a very special form of business structures in which the owners of a business are generally prohibited from operating it |
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Term
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Definition
| A multiple-unit complex (i.e., hotel, apartment house, office building), the units of which are individually owned with each owner receiving a recordable deed to the individual unit purchased, including the right to sell that unit, and sharing in joint ownership of all common grounds, hallways, and on-site facilities |
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Term
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Definition
| purchase arrangement in which a condominium owner purchases the use of his or her unit for a portion (fraction) of a year. The fraction may be defined in terms of the number of days per year (i.e., 30, 60, etc.) or very specific days and/or months (i.e., January 1st through March 31st for example). Individual units purchased under such an arrangement are commonly known as “fractionals.” |
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Term
| Condo hotel owners' association (CHOA) |
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Definition
| A group of condo owners, elected by all of the condo owners in a project, to interpret, develop, and implement the policies and procedures required to effectively manage their condominium complex. |
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Term
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Definition
| a person authorized to act for or to represent another, usually referred to as the principal |
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Term
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Definition
| let the master respond; a legal theory that holds the employer (master) responsible for the acts of the employee |
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Term
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Definition
| the requirement that agents act in the best interests of their principals |
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Term
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Definition
| a person or entity that contracts with another to perform a particular task, but whose work is not directed or controlled by the hiring party |
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Term
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Definition
| land and all things that are permanently attached to it including improvement and fixture |
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Term
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Definition
chattel
tangible and intangible items that are not real property private property that is moveable |
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Term
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Definition
| land, including soil and water, buildings, trees, crops improvements, and the rights to the air above, and minerals below, the land |
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Term
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Definition
| an addition to real estate that ordinarily enhances its value |
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Term
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Definition
| an article which was once a chattel but that has become a part of the real property because the article is permanently attached to the soil or to something attached to the soil |
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Term
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Definition
personal property that has physical substance and can be held or touched
ex: furniture, equipment, inventories of goods |
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Term
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Definition
personal property that cannot be held or touched
ex: patent rights, copyrights, and concept rights |
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Term
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Definition
| the sum total of all legally recognized rights to the possession and ownership of property |
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Term
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Definition
| a written document for the transfer of land or other real property from one person to another |
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Term
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Definition
| a deed that provides that the person granting the deed agrees to defend the title from claims of others. in general, the seller is representing that he or she fully owns the property and will stand behind this promise |
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Term
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Definition
| conveys only such rights as the grantor has. this type of deed transfers the owner's interest to a buyer, but does not guarantee that there are no other claims against the property, or that the property is indeed legally owned by the seller |
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Term
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Definition
| a review of land records to determine the ownership and description of a piece of real property |
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Term
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Definition
a document under which personal property is transferred from a seller to a buyer
name of seller
name of buyer
consideration
description of the property
statement of ownership by seller
date of sale |
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Term
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Definition
| title, deed, warranty deed, quitclaim deed |
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Term
| purchasing personal property |
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Definition
bill of sale:
title
warranty
implied warranty |
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Term
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Definition
| a promise about a product made by either a manufacturer or a seller that is part of the sales contract |
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Term
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Definition
| an unwritten expectation that a product purchased is free of defects |
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Term
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Definition
| a claim against property that gives the creditor the right to repossess and/or sell that property if the debtor does not repay his or her debt in a timely manner |
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Term
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Definition
| property that is pledged to secure the repayment of a debt |
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Term
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Definition
| to make a public record of a lien; or to take possession of the collateral |
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Term
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Definition
| the pledging of real property by a debtor to a creditor to secure payment of a debt |
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Term
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Definition
used in some states instead of a mortgage
places legal title to real property in the hands of a trustee until the debtor has completed paying for the property |
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Term
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Definition
| a legal ownership right to property |
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Term
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Definition
| a contract between a lender and borrower that states the lender can repossess the personal property a person has offered as collateral if the loan is not paid as agreed |
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Term
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Definition
a formal notice of a lien being held on personal property, required under the Uniform Commercial Code in most cases
also called a UCC-1 because of its form number in the UCC |
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Term
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Definition
| a contract that establishes the rights and obligations of each party with respect to property owned by one entity but occupied or used by another |
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Term
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Definition
| the entity that owns the property covered in a lease |
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Term
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Definition
| the entity that occupies or uses the property covered in a lease |
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Term
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Definition
| the lessee in a real property lease |
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Term
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Definition
| the lessor in a real property lease |
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Term
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Definition
| to rent property one possesses by a lease, to another |
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Term
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Definition
| the procedure that a lessor uses to remove a lessee from physical possession of leased real property, usually for violation of a significant lease provision, such as nonpayment of rent |
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Term
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Definition
| the purchase or upgrade of real or personal property that results in an increased depreciable asset base |
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Term
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Definition
| the decrease in value of a piece of property due to age and/or wear and tear |
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Term
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Definition
| a lease that applies to business property |
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Term
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Definition
| personal property that has been created through the intellectual efforts of its original owner |
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Term
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Definition
| a word, name, symbol, or combination of these that indicates the source or producer of an item |
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Term
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Definition
| a grant issued by a governmental entity ensuring an inventor the right to exclusive production and sale of his or her invention for a fixed period of time |
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Term
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Definition
| the legal and exclusive right to copy or reproduce intellectual property |
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Term
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Definition
| a person or entity that legally holds a right to intellectual property under the copyright laws |
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Term
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Definition
| a distinct visual image created for and identified with a specific product |
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Term
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Definition
| property that is owned by all citizens, not an individual |
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Term
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Definition
| a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens |
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