Business in the U.S.
One who has no explicit or implicit contract for long-term employment.
Who is a contingent worker?
A business owned and run by one person
What is a sole proprietorship?
A short, specific statement of the reason a business exists and what it wants to achieve.
What is a mission statement?
someone who takes a risk by starting a business to try and earn a profit.
Who is an entrepreneur?
How many employees must a company have before it is no longer considered a small business?
What is 500?
What is an intermediary?
A business owned and controlled by two or more people who have entered an agreement.
What is a partnership?
A precise statement of results the business expects to achieve.
What is a goal?
The process of starting, organizing, managing, and assuming responsibility for the business.
What is entrepreneurship?
A government agency that helps small business owners develop business plans and obtain financing
What is the Small Business Administration?
Name two activities businesses participate in.
1. Generating ideas
2. raising capital
3. employing and training personnel
4. buying goods and services
5. marketing goods and services
6. maintaining business records
A separate legal entity formed by documents filed with a state.
What is a corporation?
A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.
What is an organizational chart?
Name three characteristics of an entrepreneur.
Competitive, creative, goal-oriented, energetic, independent, reliable, confident, persistent......
A written description of a business idea and how it will be carried out.
What is a business plan?
This business carries out activities consumed by customers.
A written contract grating permission to operate a business to sell products.
What is a franchise?
The obligation to complete specific work is...
What is responsibility?
money provided by large investors to finance new products and new businesses
What is venture capital?
The amount of money needed to open the business
What is start-up financing?
78.26% of businesses have this many employees.
What is owner only?
A written legal document that defines ownership and operating procedures for the business.
What are articles of incorporation?
What is the purpose of policies and procedures?
Provide direction for the business.
What is the difference between an innovation and an improvement?
Innovation- invention
Improvement- design change
What is the difference between short-term and long-term financing?
Short-term- money needed to pay for current operating activities. Obtained for less than a year.
Long-term- money needed for main resources of a business (land, buildings, equipment) will last for many years.