| A | B |
|---|
| Entrepreneurship | is willingness to take risks and having the flair and skills needed to set up and run a business. |
| Opportunity cost . | is what a person might have had if the next best course of action had been chosen: it is what they forgo |
| Limited Liability | responsibility limited to what amount of money is put in |
| Unlimited liability | Responsibility for debts of the business |
| Franchise | the right to trade under an established name |
| Entrepreneurship | is willingness to take risks and having the flair and skills needed to set up and run a business. |
| Advertising fees | Fees paid to a franchiser for advertising |
| board of directors | Group of people who meet several times a year to make important decisions affecting the company |
| Share of Stock | a unit of ownership in a corporation |
| business broker | a person who sells businesses for a living |
| initial franchise fee | fee the franchise owner pays in return for the right to run the franchise |
| partnership | a business owned by two or more people |
| dividends | distributions of profits to shareholders by corporations |
| franchise | a legal agreement that gives an individual th3 right to market a company's products or services in a particular area. |
| corporation | a business that has the legal rights of a person and which may be owned by many people. |
| incorporate | to set up a business as a corporation |
| start up costs | costs associated with beginning a business |
| liability | the amount owed to others |
