Entrepreneurship Test #1 Billy

Financiers
Individuals skilled in dealing with financial matters
Those who invest their funds in a business
Buy goods from producers or agents and sell them to businesses for resale
Owned by stockholders who have purchased stock
Corporations
Owned by stockholders who have purchased stock
Buy goods from producers or agents and sell them to businesses for resale
Individuals skilled in dealing with financial matters
Those who invest their funds in a business
Managerial accounting
Focuses on capturing, maintaining, and interpreting the business's accounting information for internal use and decision making
The process of keeping and interpreting financial records
Often documented and provides details about the business's core values and its mission
The framework for the business's promotional activities
SWOT Analysis
A detailed document that serves as a blueprint or guide for developing the business
Describes the business (or business owner's) strengths, weaknesses, opportunities, and threats
Systematic planning involves using a set of procedures to plan activities
Short-range planning (one year) of specific actions the business will take
Social Management
The ability to respond effectively to others' emotions, and good leaders are good social managers
A person's knowledge of his/her own emotions
The ability to direct and control one's emotions in a way that is purposeful
A business's agreement, spoken or unspoken, with customers that it will consistently meet their expectations and deliver on its brand characteristics and values
Intermediaries
Products may go through channel members, ex: industrial distributors
Consolidation would be the joining of two or more companies to form a new company.
An open corporation sells millions of shares of stock to many stockholders
Permits a partner to invest in a business but have limited liability and responsibility
Fair Labor Standards Act
Establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments
To protect the rights of employees and employers, to encourage collective bargaining, and to curtail certain private sector labor and management practices, which can harm the general welfare of workers, businesses and the U.S. economy
Privacy
The state or condition of being free from being observed or disturbed by other people
Entering the owners land or property without permission
The action of breaking the terms of a law agreement; violation
Making false statements about another party with the intent to discredit or hurt the other party's reputation
Tort
A private wrongdoing against a person or business
The concept that businesses are accountable to society and have a duty to contribute to the well-being of society
A protection given to the courtroom participants to encourage people to speak without fear of liability
The right of gov. Entity to take private property for a public purpose with fair compensation being paid to the owner
Sovereign immunity
A legal concept stating that the courts in a country represent that country's law and their decisions cannot be reversed by the decisions of courts in other countries
A protection given to the courtroom participants to encourage people to speak without fear of liability
The right of gov. Entity to take private property for a public purpose with fair compensation being paid to the owner
The concept that businesses are accountable to society and have a duty to contribute to the well-being of society
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