Term
| The U.S. Department of Commerce considers a business "small" if it has fewer than ____ employees. |
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| Government agency charged with assisting small businesses |
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Definition
| Small Business Administration |
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| Independently owned business that has relatively little influence in its market. |
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| Most U.S. businesses employ fewer than ____ people. |
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| We can measure the contribution of small business in terms of its impact on key aspects of the U.S. economic system, including ____, ____, and their ____. |
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Definition
| job creation innovation contributions to big business |
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Term
| Businessperson who accepts both the risks and the opportunities involved in creating and operating a new business venture. |
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| The process of seeking business opportunities under conditions of risk. |
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| Document in which the entrepreneur summarizes her or his business strategy for the proposed new venture and how that strategy will be implemented. |
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| Arrangement in which a buyer purchases the right to sell the good or service of the seller. |
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Term
| A franchise agreement involves two parties, a ____ (the local owner) and a ____ (the parent company). |
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| Group of small investors who invest money in companies with rapid growth potential. |
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| Government-regulated investment company that borrows money from the SBA to invest in or lend to a small business. |
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Definition
| Small Business Investment Company |
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Term
| company that borrows money from the SBA to invest in or lend to minority-owned businesses. |
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Definition
| Minority Enterprise Small Business Investment Company |
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| SBA program designed to consolidate information from various disciplines and make it available to small businesses. |
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Definition
| Small Business Development Center |
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Term
| Business owned and usually operated by one person who is responsible for all of its debts. |
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Term
| Legal principle holding owners responsible for paying off all debts of a business. |
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Term
| Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts. |
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Term
| Type of partnership consisting of limited partners and a general (or managing) partner. |
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| Partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment. |
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| Partner who actively manages a firm and who has unlimited liability for its debts. |
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Definition
| General (or Active) Partner |
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Term
| Form of ownership that sells shares to investors who receive profits and that pays taxes on income from profits. |
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Definition
| Master Limited Partnership |
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Term
| Form of ownership in which a group of sole proprietorships and/or partnerships agree to work together for common benefits. |
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| Business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liability extends to the limits of their investments. |
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| Legal principle holding investors liable for a firm's debts only to the limits of their personal investments in it. |
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Term
| Offer to buy shares made by a prospective buyer directly to a target corporation's shareholders, who then make individual decisions about whether to sell. |
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| Partner who invests all of the funds needs for the business but plays no role in its management. |
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| An agreement that a partner invests nothing but provides all the labor, gradually gaining ownership stake in the business. |
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Term
| Situation in which taxes may be payable both by a corporation on its profits and by shareholders on dividend incomes. |
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Term
| Corporation whose stock is held by only a few people and is not available for sale to the general public. |
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Term
| Corporation whose stock is widely held and available for sale to the general public. |
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Definition
| Publicly Held Corporation |
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| Hybrid of a closely held corporation and a partnership, organized and operated like a corporation but treated as a partnership for tax purposes. |
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| Hybrid of a publicly help corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability. |
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Definition
| Limited liability Corporation |
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| Form of ownership allowing professionals to take advantage of corporate benefits while granting them limited business liability and unlimited professional liability. |
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Term
| For of corporation spanning national boundaries. |
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Definition
| Multinational Corporation |
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Term
| Roles of shareholders, directors , and other managers in corporate decision making and accountability. |
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Term
| Owner of shares of stock in a corporation. |
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Term
| Another name for stockholder is ____. |
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Term
| Governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets. |
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| Top management team of a corporation. |
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| Top manager who is responsible for the overall performance of a corporation. |
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| Strategy in which two or more organizations collaborate on a project for mutual gain. |
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| Strategic alliance in which the collaboration involves joint ownership of the new venture. |
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| Arrangement in which a corporation holds its own stock in trust for its employees, who gradually receive ownership of the stock and control its voting rights. |
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Definition
| Employee Stock Ownership Plan |
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Term
| Large investor, such as a mutual fund or a pension fund, that purchases large blocks or corporate stock. |
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Term
| The union of two corporations to form a new corporation. |
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| The purchase of one company by another. |
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| Strategy whereby a firm sells one or more of its business units. |
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| Strategy of setting up one or more corporate units as new, independent corporations. |
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