EMS Chapter 4

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A business owned and controlled by just one person

Proprietorship

A competitive advantage small businesses have over large businesses

Small businesses fill niches that their larger competitors often overlook and can serve customers more directly and with greater flexibility than their larger competitors

A written description of the business idea and how it will be carried out

business plan

The process of starting, organizing, managing, and assuming the responsibility for a business

entrepreneurship

A written contract granting permission to operate a business to sell to sell products and services in a prescribed way

franchise

A specific statement of results the business expects to achieve.

goal

A design change that increases the usefulness of a product, service, or process.

improvement

Someone who takes a risk in starting a business to earn a profit

entrepreneur

A written legal document that identifies ownership and operating procedures and conditions for the business

articles of incorporation

The difference between a country's total payments to other countries and it's total receipts from other countries

balance of payments

The people who make the major policy and financial decisions in a corporation are

board of directors

One who has no explicit or implicit contract for long term employment

contingent worker

A separate legal entity formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors

corporation

A nation's transportation, communication and utility system

infrastructure

An invention or creation that is brand new

innovation

Businesses involved in selling the goods and servicers of producers to consumers and other businesses

intermediary

Money needed for the important resources of a business that will last for many years

long-term financing

A short specific written statement of the reason a business exists and what it wants to accomplish

mission statement

A business owned and controlled by two or more people who have entered into a written agreement

partnership

A written agreement among all owners that specifies the rules and procedures that guide ownership and operations

partnership agreement

Guidelines used in making consistent decisions

policies

Descriptions of the way work is to be done

procedures

The obligation to complete specific work

responsibility

A business that completes activities that are consumed by customers rather than offers products for sale.

service business

The current money needed to pay for the current operating activities of a business

short-term financing

An independent business with fewer than 500 employees

small business

A government agency that helps small business owners develop business plans

small business administration (SBA)

The amount of money needed to open a business

start-up financing


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