Chapter 1
What remains after all business expenses have been deducted from sales revenue?
Profit
The study of right and wrong and of the morality of the choices individuals make.
Ethics
Selling and shipping raw materials or products to other nations
Exporting
A business that is owned and operated by one person
Sole Proprietorship
A business with fewer than 500 employees
Small business
The system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it.
Free enterprise
When business people take advantage of a situation for their own personal interest rather than for the employer's interest.
Conflict of Interest
Purchasing raw materials or products from other countries
Importing
A voluntary association of two or more persons to act as co-owners of a business
Partnership
A constructed plan for a person starting a business
Business Plan
All the different people or groups of people who are affected by an organization's policies, decisions, and activities.
Stake holders
Provides legal protection for employees who report corporate misconduct
Sarbanes-Oxley Act of 2002
A tax on a foreign product entering a country
Tariff
A person who assumes full or shared responsibility for operating a business
General Partner
A government agency that assists, counsels, and protects the interests of small businesses in the United States
Small Business Administration
An economic system in which individuals own and operate a majority of businesses that provide goods and services.
Capitalism
A guide to acceptable and ethical behavior as defined by the organization
Code of Ethics
The ability to produce a specific product more efficiently than any other nation
Absolute Advantage
A person who invests money in a business but has no management responsibility or liability for losses beyond the amount of money they have invested
Limited Partner
A license to operate an individually owned business as though it were part of a chain of stores
The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period.
Gross Domestic Product
All activities undertaken to protect the rights of consumers
Consumerism
Comparative Advantage
The shares of ownership of a corporation
Stocks
What was the top franchise in the US in 2024
UPS