| A | B |
|---|
| Entrepreneurship | A business started by a risk taker |
| Virtual Business or Dot-Com Company | A company that does business only on the Internet |
| Entrepreneur | A person who recognizes a business opportunity and assumes the risk of starting a business |
| Risk Taker | Someone who is willing to take chances in business; considered a key characteristic of an entrepreneur |
| Profit | The amount of money left over after a business has paid for the costs of producing its goods and services |
| Small Business | An independently owned business that employs fewer than 500 people |
| Sole Proprietorship | A business owned by only one person |
| Unlimited Liability | Full legal and financial responsibility for a business |
| Partnership | A business owned by two or more persons who share the risks and rewards |
| Corporation | A business treated by law as separate from its owners |
| Stock | Shares of ownership in a corporation |
| Limited Liability | Financial responsibility of business owners only for what they invested in a business |
| Franchise | A contractual agreement to use the name and sell the goods or services of an existing company |
| Nonprofit Organization | A business whose main purpose is to provide a service rather than to make a profit |
| Cooperative | A business owned and operated by members who pool their resources and share the benefits |
| Producer | A business that gathers raw products in their natural state |
| Processors | Businesses that change raw goods into more finished products |
| Manufacturers | Businesses that make finished products out of raw or processed goods |
| Intermediary | Business that acts as a go-between in moving goods from producers to consumers (wholesalers, retailers, and distributors) |
| Wholesaler | A type of business that buys goods in large amounts and resells them to other businesses in smaller lots |
| Retailer | A business that sells goods or services directly to the public |
