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76 Cards in this Set
- Front
- Back
income |
a gain or recurrent benefit usually measured in money that derives from capital or labor
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task
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a usually assigned piece of work often to be finished with a certain time
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nonprofit organization
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a type of business that focuses on providing a service rather than making a profit
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sole
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having no sharer ; being the only one
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function
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the action for which a person or thing is specially fitted of used for which a thing exist
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framchise
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contractual agreement to use the name and sell the products or services of a company designated geographical area
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partner
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a member of a partnership especially in a business
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producer
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a business that gathers raw products in the natural state
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manufacturer
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businesses that make finished products out of processed goods
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corporation
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company that is registered by a state and operates apart from its owners
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partnership
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a business owned by two or more people who share it's risks and rewards
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sole proprietorship
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a business owned by one single person
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limited liability
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a claim that holds a firms owners responsible for no more than the capital that they invested in it
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what percent of businesses in the unted states are sole proprietorships |
70percent |
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income
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a gain or recurrent benefit usually measured in money that derives from capital or labor
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a usually assigned piece of work to be finished within a certain. amount of time
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task
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Non profit organization
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a type of business that focuses on providing a service rather than making a profit
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distribute
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to divide. amoung several or many
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wholesaler
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a business that distributes goods; also known as a a distributor
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sole
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having no sharer; only one
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accounting
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the function of a business that involves maintain and auditing records, sending out and paying bills, and preparing financial reports for business
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function
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the action for which a person or thing is specially fitted or used for which a thing exist
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involve
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to engage as a participant
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franchise
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contractual agreement to use the name and sell the products or services of a community in a designated geographical area
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partner
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a member of a partnership especially in a business
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producer
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a business that gathers raw products in the natural state
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manufacturers
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businesses that make finished products out of processed goods
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procurement
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the buying and reselling of goods that have already been produced
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production
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the process of creating, expanding, manufacrurinh, or improving services
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corporation
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company that is registered by a state and operates apart from its owners
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partnership
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a business owned hy two or more people who share the risks and rewards
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sole proprietorship
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a business owned by one single person
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limited liability
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a claim that holds a firms owners responsible for no more than the capital that they have invested in it
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management
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the process of achieving company goals by planning, organizating, directing, controlling, and evaluating the efficitice use if resources
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what percentage of business are sole proprietorship in the us
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70 percent
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how many times is a sole proprietorship taxed
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once
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what is a disadvantage of having a partnership
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unlimited liability
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what is an advantage of joining a corporation
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limited liability
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an organization that is owned and operated by its members is a
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cooperative
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if you want to limit your liability, what is the beat way to organize your business
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corporation
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during the life of a business, the way the business is organized can be _
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changed
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a business owned by ten people who share the risks and rewards of the business is a
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partnership
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what I'd the easiest way to organize a business
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sole proprietorship
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what are the advantages of a sole proprietorship
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1 easy to do
2 in charge of your own business 3 can make all of the decision 4 can keep all of the profits 5 lower taxes |
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unlimited liability
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the owner is reponsabile for the company's debts
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what are the advantages of a partnership
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1 easy to start
2 easy to obtain capital 3 banks are more willing to lend money 4 taxed once 5 each partner. rings specific skills and talents |
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what are the disadvantages of a partnership
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1 partners share the same risks
2 problems with getting along 3 unlimited liability |
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how can you raise money in a corporation
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sell stock.
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what are the advantages of a corporation
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1 limited liability
2 ability to raise money by selling stock 3 company does not end if the owner dies |
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limited liability
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holds a firms owners responsible for no more than the capital they have invested in it
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what are the disadvantages of a corporation
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1 double taxes
2 extra governmental restrictions 3 more difficult and costly to start |
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cooperative
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a business organization that is owned and operated by its members
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what is the main reason people become entrepreneurs
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you become your own boss
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what are some challange of entrepreneurship
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getting loans, taking care of decisions
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why is a business plan important
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allows you to get loans from banks
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why is it important to get loans
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it is crucial if you want yo start a successful business
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why should entrepreneurs study their competitors before starting a business
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so they know how to set up their marketing strategy, what prices to sell products at, and what to sell
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why is a growth plan important to include in a business plans
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companies can be aware and achieve their goals
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SBA
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small business association
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virtual business
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a business that operates online
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what percentage of the us do small businesses employ
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50%
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management team plan
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discusses any partners and your teams capabilities
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company discripnation
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an outline of the business that helps invested understand the size, scope and type of business you plan to start
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product and service plan
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describes the products or servides you want want to offer
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vision and Mosin statements
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States guiding principles by which. business functions
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vision statement
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establishes the scope and purchase of a company that reflects it's values and beliefs (focuses on tommrow )
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mission statement
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expresses the specific aspersions of a company, the major goals it will try to reach (focuses on today)
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industry overview
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presentions your research of the industry
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competitive analysis
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indicates how the proposed business has am advantage over its competitors
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market analysis
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presnts your customer profile which includes your overall marketing and sales strategies
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marketing plan
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discusses how a company makes its customers assure of its products or services
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operational plan
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includes the business processes that reskukz in production and reliever of the product or service
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organzatuonal plan
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discusses the people who will run the firm as well as the management Philiposphy
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financial plan
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forecast for he business, data is usually shown in finanacla statements
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growht plan
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how the business will expand in the future
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contingency play
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likely risks of s business
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