Business Characteristics
A businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit
What is a Non-profit
An Economic situation in which one company exclusively controls a market’s product or service; no competition exists and is harmful to free enterprise, it's also a popular board game.
What is a Monopoly
amounts of money borrowed which will accumulate interest
What is a loan
The process of recording, classifying, summarizing and reporting the financial position of a business
What is Accounting
A business owned and operated by one individual
What is a Sole Proprietorship
Assets = Liabilities + Owner’s Equity
What is the Accounting Equation
An economic and political system in which all property is publicly owned; government has direct control over most aspects of life.
What is Communism
protections provided to authors of original work
What is Copy write
Department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
A legal agreement between two or more people to be responsible for a business
What is a Partnership
Items of value owned by a business
What are assets
An economic and political theory in which there is increased government involvement and more social services in order to secure a certain standard of living
What is socialism.
words, symbols, names or devices used to specify goods and to differentiate them from others
What are Trademarks
loans which are in small amounts
What is Microlending
A separate legal entity which forms a board to act as governing bodies
What is a Cooperation
A financial statement which reports totals in asset, liability and owner’s equity accounts
What is a Balance sheet
A person who attempts to make an economic profit from an idea.
What is a manager
A wealthy individual who seeks high returns through private investments
What is an angel investor
money borrowed from a business or investor which must be repaid over time with interest
What is Debt Capital
A business which leases its trade name and operating system to another person
What is a Franchisor
A marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages: introduction, growth, maturity, decline
What is the Product life cycle
An economic situation in which a few companies have control over a product’s market; can affect price and competition
What is an Oligopoly
unique names which identify Internet sites and businesses
What is a domain name
money in savings which can pay expenses when income may not be accumulating
What is a Financial Cushion
A person or persons who pay fees to a company to operate a business under the franchisor’s trade name
What is a Franchise