| A | B |
|---|
| Small Business | An independently owned business that usually has the owner as its manager. |
| Virtual Business/Dot-Com Company | A business that operates on the internet. |
| Sole Proprietorship | A business owned by one person. |
| Accounting | Maintaining and checking records, handling bills, and preparing financial reports for a business. |
| Partnership | A business owned by two or more people who share its risks and rewards. |
| Corporation | A company that is registered by a state and operates apart from its owners. |
| Limited Liability | Holds a firm’s owners responsible for no more than the capital that they have invested in. |
| Cooperative | An organization that is owned and operated by its members. |
| Nonprofit Organization | A type of organization that focuses on providing a service, but not to make a profit. |
| Franchise | A contractual agreement to use the name and sell products or services of a company in a designated geographic area. |
| Producer | A business that gathers raw goods |
| Processor | Changes raw materials into more finished products |
| Manufacturer | A business that makes finished products out of processed goods. |
| Intermediary | A business that moves goods from one business to another. |
| Wholesaler | Distributes goods. |
| Retailer | Purchases goods from a wholesaler and sells them to consumers, the final buyers of the goods. |
| Production | The process of creating, expanding, manufacturing, or improving goods and services. |
| Procurement | The buying and reselling of goods that have already been produced |
| Marketing | The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services. |
| Management | The process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources. |
| Finance | The business or art of money management. |
| Unlimited Liability | The owner is responsible for the company’s debts. |
| Start-up | A newly formed business that is usually small |
| E-tail | Retail businesses that sell products over the internet |
| E-ticket | An electronic ticket, bought online |
| Bricks and Mortar | What businesses often call their stores and buildings |
| Clicks and Mortar | The use of both the internet and buildings to conduct business |
| Multi-channel retailer | A company that uses several means to sell their products |
| Innovation | a new method, idea, product, etc. |
