Types of Businesses
This type of business is owned and operated by one person.
What is a Sole Proprietorship?
Acting honestly and consistently in all business dealings.
What is Integrity?
A legally enforceable agreement between two or more parties.
What is a Contract?
The accounting equation states that Assets equal Liabilities plus this.
What is Owner's Equity?
A CIVIL wrong that causes harm to another person.
What is a Tort?
This business structure protects owners from personal liability and is owned by shareholders.
What is a Corporation?
Intentionally misleading customers about a product's features is considered this unethical practice.
What is False Advertising?
In small claims court cases the plaintiffs are seeking compensation not exceeding this amount.
What is $5,000?
Resources owned by a business.
What are Assets?
A formal complaint or a feeling of being wronged. It typically refers to a specific cause of distress, unfair treatment, or a violation of a contract or policy that gives an individual valid grounds to protest or seek resolution.
What is a Grievance?
In this type of business, two or more people share ownership and profits.
What is a Partnership?
This occurs when a person's personal interests interfere with business decisions.
What is Conflict of Interest?
This type of IP protects creative works such as books, music, films, art and software.
What is a Copywright?
An accounting device used to analyze transactions and named for its shape.
What is a T-Account?
This federal law establishes minimum wage and overtime pay requirements.
What is the Fair Labor Standards Act (FLSA)?
This business structure combines liability protection with flexible management.
What is a LLC (Limited Liability Company)?
The practice of being open, honest, and accountable regarding a company's operations, decisions, and financial dealings.
What is Transparency?
This law/agency requires employers to provide a safe and healthy workplace.
What is OSHA (Occupational Safety & Health Act)?
These amounts are recorded on the left side of an account.
What is a Debit?
This ethical principle requires businesses to tell the truth in advertising.
What is Honesty?
McDonald's, Dunkin Donuts and 7-11 are examples of this type of business structure.
What is a Franchise?
A company's responsibility to positively impact society and the environment.
What is Corporate Social Responsibility?
This IP protects confidential business information that gives a company a competitive edge. Example: Coca-Cola recipe, KFC's secret spice blend.
What is a Trade Secret?
The Normal Balance of Assets are __________ and __________for Liabilities & Owner's Equity.
What are debits and credits?
Name the four essential elements required for a valid contract.
What are Offer, Acceptance, Consideration, and Capacity?