Chapter 4 Choosing a form of Business Ownership
A business that is owned (and usually operated by one person)
Sole Proprietorship (page 103).
A government agency that assists, counsels, and protects the interests of small businesses in the United States.
Small Business Administration (S.B.A.) (page 132).
Establishing organizational goals and deciding how to accomplish them.
Planning (page 165).
A group of two or more people working together to achieve a common set of goals.
Organization (page 186).
The study of how wealth is created.
Economics (page 12).
A voluntary association of two or more people to act as co-owners of a business profit.
Partnership (page 107).
A license to operate an individually owned business as though it were part of a chain of outlets or stores.
Franchise (page 145).
The identification and evaluation of a firm's strengths, weaknesses, and opportunities.
S.W.O.T. Analysis (page 167).
Grouping activities to a particular product or service.
Departmentalization by Product (page 191).
The study of the decision made by individuals and businesses.
Microeconomics (page 12).
A corporation in the state in which it is incorporated.
Alien Corporation (page 113).
Privately owned firms that provide venture capital to small enterprises that meet their investment standards.
Small-business investment Companies (S.B.I.C.'s) (page 151)
An organization's broadest plan, developed as a guide for major policy setting and decision making.
Strategic Plan (page 167).
Grouping activities according to the defined geographic area in which they are performed.
Departmentalization by location (page 191).
When businesspeople take advantage of a situation for their own personal interest rather than for the employer's interest.
Conflict of Interest (page 40).
The most basic form of corporate ownership and whose owners may vote on corporate policies.
Common stock (page 114).
Groups of senior and graduate students in business administration who provide management counseling to small businesses.
Small-Business Institutes (S.B.I.'s) (page 153).
A type of plan designed to implement tactical plans
Operational Plan (page 168).
Grouping activities according to the needs of various customer populations.
Departmentalization by Customer (page191).
Knowingly taking someone else's words, ideas, or other original material without acknowledging the source.
Plagiarism (page 40).
A form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership.
Limited Liability Company (LLC) (page 119).
University-based groups that provide individual counseling and practical training to owners of small businesses.
Small-Business Development Centers (S.B.D.C.'S) (page 153).
A manager who manages the systems that convert resources into goods and services.
Operations Manager (page 173).
Assigning part of a manager's work and power to other workers.
Delegation (page 193)>
The Study of the national economy and the global economy.
Macroeconomics (page 13).