Business studying

Limited liability company

-A business structure that is allowed by state statute.

According to the Tax Foundation, how many sole proprietorships are there in the United States?

23 million sole proprietorships

General partnership

A business arrangement that two or more individuals agree to share all assets, profits, and financial and legal liabilities of a jointly owned business

What is the name given to a policy that combines all of a business's insurance policies?

A business ownership policy (BOP)

Joint venture

A business that is created by two or more parties, generally characterized by shared ownership, shared returns and risk, shared gvt. Corporates that elect to pass corporate income, losses, deductions, and credits through their shareholders for federal tax purposes.

Shareholder

A person who invests in a corporation by buying stock and is a partial owner

What is an enhanced form of communication where each person focuses on what the other person is saying and then repeats back what they thought they heard?

Active listening

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

Copayment

What is the term used to describe the cost to produce, package, and deliver one item?

Cost of goods

What is the term used for the amount that an employee must pay for medical or dental care before insurance begins paying?

Deductible

What is the economic concept that states that the more of something a company buys or produces, the cheaper each unit becomes?-

Economic scale

What do we call the contractually agreed upon amount of money that a company pays each month or each quarter to the insurance company?

Insurance premium

What is a form of general partnership formed for a short period of time?

Joint venture

Typical insurance plans that companies offer to their employees and sometimes pay a significant portion of the monthly costs are a part of a company's-

Most cary short term liability insurance

Sole proprietorship

Only one person who pays personal income tax on profits earned.

Manufacturing companies compete primarily on what factor?

Price

What term is designed to give the employee the freedom and opportunities to push the boundaries of their job description and to think about new and better ways to work?-

Professional Development

When a business experiences a financial loss (like a fire), they will not get the financial support they need from their insurance company until they file- Insurance involves the transfer of what to a third party?

Risk is transferred to the third party

What kind of corporation can be taxed in the same way as a partnership?

S corperation