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Vocab
Ethics Laws
Ethics Law
100
An advantage to buying an existing business is that it already has customers, _____________and procedures
Suppliers
100
The purpose of the ______________agreement is to set down in writing the rights and responsibilities of each of the owners
Partnership
100
A legal agreement that gives an individual the right to market a company's products or services in a particular area.
Franchise
100
States that names, symbols, or special marks that distinguish certain businesses can be used only by the business
Trademark Laws
100
Helps Consumers correct credit card billing errors
Fair Credit Billing Act
200
Before buying an existing business, you should analyze the ____________for at least the past three years
Financial Reports
200
Ownership of a______________is in the form of shares of stock
Corporation
200
A business owned by one person
Sole Proprietorship
200
Sets safety standards for products other than food and drugs
Consumer Product Safety Act
200
Gives an investor the sole right to produce, use, and sell an invention
Patent Laws
300
The operating costs of a franchise include an initial franchise fee,____________royalty fees, and advertising costs.
Startup Costs
300
Every corporation has a________________, which is a group of people who meet several times a year to make important decisions affecting the company
Board of Directors
300
A legally binding agreement between two or more persons
Contract
300
States that it is illegal for a business to require a customer to purchase one good in order to be able to purchase another good
Clayton Act
300
Bans the the sale of impure, improperly labeled falsely guaranteed and unhealthful foods, drugs, and cosmetics
Federal Food, Drug, and Cosmetic Act
400
If a franchise fails to make royalty payments, the franchisor can terminate the _______________
Franchise Agreement
400
A document that gives legal rights to investors
Patent
400
The original, creative work of an artist or inventor
Intellectual Property
400
Regulations that control what types of buildings can be built in what areas
Zoning Laws
400
Bans unfair or deceptive actions or practices by businesses
Wheeler-Lea Act
500
_____________distributions of corporate profits to the shareholders.
Dividends
500
Brand names may have a _______________, which means that the name, symbol, or special mark can be used only by the business
Trademark
500
Weekly or monthly payments made by the local owner to the franchise company
Royalty Fees
500
Makes it illegal for competitors to get together and set prices on the products or services they sell
Sherman Act
500
Makes it illegal to charge different prices to different groups of non-retail customers.
Robinson-Patman Act