| A | B |
|---|
| License to operate a corporation | corporate charter |
| ______________means that a business ceases to exist when the owner leaves or dies. | limited life |
| A number assigned by the Internal Revenue Service to a business and used by the government for income tax purposes | Employer Identification Number (EIN) |
| All businesses not funded by the government | private sector |
| A partner who does not take an active role in decision making or running a business and whose liability is limited to the amoutn of his or her investment | limited partner |
| Rules by which a corporation will operate | corporate bylaws |
| A business organization that operates as a legal entity separate from its owners and is treated by law as an individual | corporation |
| A business organization that operates as a legal entity separate from its owners and is treated by law as an individual | partnership agreement |
| Government-funded services | public sector |
| a contractual agreement to sell a company's products or services | franchise |
| A disadvantage of a sole proprietorship is unlimited liability for business debts | True |
| A general partner has no decision-making authority. | False |
| Price competition means buyers will choose the lowest pried products available. | True |
| A limited liability company is a business that operates and pays taxes as partnership. | True |
| A parent corporation is a company that sells francchises | True |
| A closely held corporation sells its shares openly in stock markets. | False |
| Agency power legally obligates a partnership to a contract signed by one of the parties. | True |
| Limited life is a disadvantage of a partnership | True |
| A board of trustees oversees the general affairs of a corporation. | True |
| A closely held corporation may decide to expand by going public and selling stock on the open market. | True |
| The value of a currency in one country compared with the vallue in another | Exchange rate |
| Goods and services sold to other countries. | Payments |
| The difference between a country's total exports and total imports. | Balance of payments |
| The value of a currency in one country compared with the value in another. | Exports |
| Refers to a nation's transportantion, communication, and utility systems. | Trade barriers |
| A tax that a government places on certain imports products. | Tariff |
| To regulate international trade, governments set a limit on the quantity of a product that may be imported or exported within a given period. | Quota |
| To stop the export or import of a product completly. | Embargo |
| Refers to a nation's transportantion, communication, and utility systems. | Infrastructure |
| An agreement between two or more companies to share a business project. | Joint venture |
| An organization that does business in several countries. | Multinational company (MNC) |
| Social Responsibility | refers to the duty of a business to contribute to the well-being of a community. |
| Non-renewable resource | a natural resource that cannont be replaced when used up. |
| Ethics | principles of morality or rules of conduct. |
| Business ethics | rules about how business and their employees ought to behave. |
| Code of Ethics | a set of rules for guiding the actions of emplyees or members of an organization. |
| Contract | an agreement to exchange goods or services for something of value, usually money. |
| Patent | gives the inventor the sole rights to make, use, or sell the item for 17 years. |
| Copyright | protects the creative work of authors, composers, and artisits. |
| Trademark | a word, letter, or symbol linked with a specific company or product. |
| Monopoly | This exists when a business has control of the market |
| Gold | An example of a non-renewable resource. |
| The Americans with Disabilities Act | Requires that a company find ways to help workers who are physically challenged |
| A code of ethics is designed to | provide guidelines for proper behavior |
| Local government | Fire and police protection is the main responsibility of |
| Copyright | A ____________ would protect the composer's musical score. |
| Antitrust laws are designed to | reduce utility rates |
| Sales | A(n) ______ tax is a common source of revenue for state and local governments. |
| Binding | An oral contract can be legally _________. |
