Ch 1 Review topics

Franchise

A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area

Entrepreneur

A person who organizes, manages, and takes on the risks of a business.

Non-Profit

An organization that is set up to help those in need but not to make a profit from the business.

S Corp

Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Digital goods

Goods that can be delivered over a digital network (music, video, software, newspapers, books

C Corp

Subject to dual taxation, taxed as income for shareholders, limited liability

CFO

The chief financial officer is responsible for a business's finances.

Sole Proprietor

a business owned and controlled by one person

LLC

a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.

CEO

a chief executive officer, the highest-ranking person in a company or other institution, oversees operations and resources, reports to the boards of directors

Small Business

an independent business with fewer than 500 employees

B2B

business to business

B2C

business to consumer

Tangible

can be touched physically

Capital

invested, or available or investment - money for investment

Ecommerce

the buying and selling of goods and services over the internet