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midterm (part 2)
within a corporation who is elected?
definition of tariffs?
midterm (part 2)
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1
definition of tariffs?
a limit on the amount of a particular product.
a complete halt on trading of a particular product
a tax levied on a particular foreign product entering a country
2
within a corporation who is elected?
stakeholders
board of directors
stockholders
officers
3
what is limited liability?
holds a business owner responsible for all the debts of the business
a person who invests money in a buisness but has no management responsibili
limits each owners financial liability to the amount of money they paid
4
what are the taxation laws of a corporation?
an annual file that states receipts/expenses for the amount of profit/loss
must be taxed twice; once as corporate income and second time as personal
5
Disadvantage of corporation?
unlimited liability, lack of continuity, management disagreement...
frozen investments, double taxation, lack of continuity, perpetual life
difficulty and expense of formation, double taxation, lack of secrecy
specialized management, double taxation, flexibility, perpetual life
6
entrepreneural spirit is...?
the desire to create a new business
spirits of dead entrepreneurs
people who risk their time, effort and money
7
what are the 3 most common forms of business owners?
tech, entertaiment, and distribution industries
sole proprietorship, partnership, and corporation
financial, human, and informational resources
8
disadvantage of partnership?
difficulty and expense of formation, double taxation, lack of secrecy
frozen investments, double taxation, lack of continuity, perpetual life
unlimited liability, lack of continuity, management disagreement...
9
what is a vertical merger?
combining two corporation to form one business
firms that make and sell similar products/services in similar market
firm that operate at different but related level inthe production ofproduct
10
Advantages of partnership?
pride of ownership, no special taxes, retention of all profits, flexibility
specialized management, double taxation, flexibility, perpetual life
availability of capital and credit, retention of profits, no special taxes
Ease of raising capital, transfer of ownership, perpetual life limited lia
11
Advantages of sole propiertor?
Ease of raising capital, transfer of ownership, perpetual life limited lia
availability of capital and credit, retention of profits, no special taxes
pride of ownership, no special taxes, retention of all profits, flexibility
12
difference between a franchisee/franchisor?
franchisee a person puchasing a franchise/franchisor is granting a franchis
franchisee a person purchasing a franchise/ the actual grant of a franchise
a license to operate a chain of stores/ a person purchasing a franchise
13
disadvantages of small business?
difficulty and expense of formation, double taxation, lack of secrecy
risk of failure, limited potential, limited ability to raise capital
unlimited liability, lack of continuity, management disagreement...
14
what is a corporation?
a corporation whose stock can be bought and sold by any individual
a corporation whose stock is owned by few people and not sold to the public
artifical person, created by law has most legal rights of a real person
two or more persons to act as co-owners of a business for profit
15
what is a joint venture?
an agreement between two or more groups to achieve a goal in a certain time
a temporary association of individuals or firms to perform a task; money
a voluntary association of two/more persons to act as co-owners of a busi.
the combining of two corporations to form one business
16
what is startegic alliance?
an agreement between two or more groups to achieve a goal in a certain time
a voluntary association of two/more persons to act as co-owners of a busin.
a partnership formed to create competitive advantage on a worldwide basis
17
characteristics of small businesses?
family operated
want to start their own buisness, want to earn a profit, passion
owned and operated by one person, small # of employees, low sales value
18
Disadvantage of sole propiertor?
unlimited liability, lack of money, continuity, difficulty in hiring
difficulty and expense of formation, double taxation, lack of secrecy
unlimited liability, lack of continuity, management disagreement
frozen investment, lack of money, limited management skills
19
what is a syndicate?
agreement between 2 or more groups to form a business entity; achieve goal
combining two corporation to form one business
a partnership formed to create competitive advantage on a worldwide basis
temporary association of individuals or firms to perform a specific task
20
advantages of small business?
pride of ownership, no special taxes, retention of all profits, flexibility
adility to adapt to changes, independence, personal relation with customers
availability of capital and credit, retention of profits, no special taxes
21
Advantage of corporation?
Ease of raising capital, transfer of ownership, perpetual life limited lia
pride of ownership, no special taxes, retention of all profits, flexibility
specialized management, double taxation, flexibility, perpetual life
availability of capital and credit, retention of profits, no special taxes
22
definition of management?
the process of coordinating people and resources to achieve Org. goals
establishing organizational goals and deciding how to accomplish them
a statement detailing what an organization intends to accomplish over time
23
what is a corporate officer?
the top governing body of a corporation
the chairperson of the board, president, executive, treasurer, VP
board of directors, stockholders, employess, officers
24
what is an acquisition?
combining two corporation to form one business
a hostile takeover
in refrence to large corporation's purchase of another corporation
25
what is a horizontal merger?
firms that operate at different levels in the production of a product
combining two corporation to form one business
firms that make and sell similar products/services in similar market
26
within a corporation who is appointed?
officers
stakeholders
stockholders
board of directors
27
what does SBA do?
help people get into business and stay in business
provide venture capital to small enterprises
help provide management conseling to small buisness
volunteer their services to small businesses
28
what does SBA stand for?
small business assesment
small business administration
29
what are the limits entrepreneurs have?
inexperience, financia limitation, fear of failure, responsibilities
unlimited liability, lack of continuity, low numer of employees
30
what is a merger?
combining two corporation to form one business
agreement between 2 or more groups to form a business entity; achieve goal
temporary association of individuals or firms to perform a specific task
31
what are the taxation laws of a nonprofit corporation?
taxed as personal income
an annual file that states receipts/expenses for the amount of profit/loss
must meet specific internal revenue in order to obtain tax-exempt status
32
difference between joint venture and partnership?
joint venture is long term while partnership is short term
joint venture are temporary while partnership is long term
33
within a corporation who is hired?
employees
officers
stockholder
board of directors
34
what is the primary reason small business fail?
lack of planning
lack of management
lack of funding
