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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Entrepreneurship Test #1 Billy

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