Entrepreneurship Chapter 3 & 4
Memo
A brief note that informs employees about business-related matter.
trade business
A business that is either a wholesale or retail business
Video conference
A meeting in which participants in different locations see and hear each other through monitors, cameras, microphones, and speakers.
Conference call
Allows three or more parties in different locations to speak to each other over the same phone line.
Fax (Facsimile)
An exact copy of something.
Active Listening
Engaging in the conversation to show the speaker that you understand what they are saying.
Instant Messaging
Immediate communication that combine writing and speaking.
One advantage of Instant Messaging is that it...
Is almost as fast as a cell phone
subchapter S corporation
It is not taxed as an entity, rather its income or loss is applied to each shareholder and appears on their tax returns.
Message Thread
Shows every previous message in the correspondence.
Salutation
The greeting used in a business letter.
Emoticon
The use of icons or text to portray mood or facial expression
Stores, shops, and boutiques
What are types of retail businesses?
unlimited liability
a business owner can be legally forced to use personal money and possessions to pay the debts of the business.
limited liability
a business owner cannot be legally forced to use personal money and possessions to pay business debt.
partnership agreement
a legal document that clearly defines how the work, responsibilities, rewards, and liabilities of a partnership will be shared by the partners.
nonprofit corporation
a legally defined type of business owner- ship in which the company operates not to provide profit for its share- holders but to serve the good of society.
reseller's permit
a special permit to purchase goods tax-free from wholesalers and collect sales tax from the end buyers.
share of stock
a unit of ownership in a corporation
partnership
a voluntary agreement under which two or more people act as co-owners of a business for profit
Which type of business ownership provides limited liability for the owner(s)? a. corporation b. sole proprietorship c. general partnership d. all of the above
a. corporation
general partnership
all partners have unlimited liability.
franchise
an arrangement in which an established company sells the right for others to use the company's name and operating plan to sell products or services.
C corporations
are taxed as an entity by the federal government.
North American Industry Classification System (NAICS)
assigns a numerical code to every industry in North America based on its primary business function.
To get the most from a video conference...
avoid making unnecessary noise
6 qualities of good communication
briefness organization clarity relevance courtesy suitability
sole proprietorship
business owned and operated by one person
wholesaling business (wholesaler)
buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers.
retailing business (retailer)
buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers.
manufacturing business (manufacturer)
converts materials into goods suitable for use and then sells those goods to others.
In a letter today, "cc" stands for
courtesy copy
Which of the following phrases best describes a wholesaling business? a. a business that converts materials into products for sale b. a business that sells products to financial buyers c. a business that performs services d. a business that sells products to retailers
d. a business that sells products to retailers
One advantage of a general partnership over a sole proprietorship is a general partnership... a. provides limited liability b. is a corporation c. provides unlimited liability d. can rely on more than one person for financial backing
d. can rely on more than one person for financial backing
A good speaker
encourages participation
When preparing to negotiate, you should...
focus on your wants, not your needs
What let's you use a name on your business?
franchise
On an envelope, the return address is..
in the upper-left corner
cooperative
is a business owned, controlled, and operated for the mutual benefit of its members—people who use its services, buy its goods, or are employed by it.
limited partnership
is structured so that at least one partner (the general partner) has limited liability for the debts of the business.
KISS
keep it short and simple (when communicating)
Liability
legal obligation of a business owner to use personal money and possessions to pay off the business debts.
limited liability company
legally defined type of business ownership similar to a C corporation, but with simpler operating requirements and tax procedures and greater liability protection for the business owners (who are called members).
corporation
legally defined type of business ownership in which the business itself is considered a type of "person" (often referred to as an "entity") under the law, and limited liability is granted to the business owner(s).
What is a legal obligation?
liability
A concession is
one side giving up something to reach an agreement
shareholder/stockholder
owners of the corporation
Entrepreneurs who learn the social etiquette of a different culture can..
participate more effectively in an international negotiation
service business
provides services to customers for a fee.
Texting
quick text messages exchanged among smartphones
What is the simplest form of business ownership?
sole proprietorship
Memos don't include the recipient's address because...
they're usually sent to a business's own employees
incorporate
to set up a corporation in accordance with the laws of the particular state where the business is located.
What are wholesaling, and retailing businesses also known as?
trade business
In a negotiation, it is important to focus on..
what you need
dividend
which is a portion of the corporation's profit.
