Entrepreneurship
A person who recognizes a business opportunity and organizes, manages and assumes the risks
Entrepreneur
A business owned by one person where the owner has all responsibilities and liabilities
Sole Proprietorship
A business that gathers raw materials
Producers
The function of a business that involves planning, organizing, leading and controlling
Management
The systematic process of recording and reporting the financial position of a person or an organization
Accounting
A new Business undertaking that involves risk
Business Venture
A business owned by two or more people where an agreement is present to split responsibilities and profits and losses
Partnership
A business that changes raw materials into a semi-finished product that require further processing
Processors
The process of creating promoting and presenting a product or service to meet the wants and needs of consumers wherever they are
Marketing
The rules that all accountants use are called
GAAP - Generally Accepted Accounting Principles
The process to see if there is a demand for your product or service
Market Research
A company that is registered by a state and operates apart from its owners
Corporation
A business that makes finished products
Manufacturer
The marketing mix consists of (4 P’s) What are they?
product, Price, Place, Promotion
The documents that summarize the changes resulting from business transactions that occur during the accounting period
Financial Statements
A written description of a new business venture that describes all aspects of the business
Business Plan
A contractual agreement to use the name and sell the products or services of a company in a designated geographic area
Franchise
A business that moves goods from one business to another, buying goods, storing them and then reselling them
Intermediary
A plan specifying how money will be used or spent during a particular period
Budget
The function of a business that plays a vital role in regulating business practices in a country that we learned in class
Business Law
The brief account of the key points contained in a business plan, to introduce your plan to get investors interested
Executive Summary
A type of business organization that is incorporated for liability purposes but has the benefits of income flowing through to the owners so there is no double taxation
LLC Limited Liability Corporation
A business that performs tasks for customers rather than providing goods
Service Business
All the processes and tools required to process a set of data and interpret important insights to them
Data Analytics
The foremost law of the land in the United States
US Constitution