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SEMESTER TEST
Chapter 6 &7
| Term | Definition |
|---|---|
| Monopoly | only one company provides a product or service without competition from other companies |
| Natural monopoly | involves providing public services, which have a fairly stable demand and costly to create. |
| Price discrimination | selling different prices for different customers |
| False advertising | advertising that is misleading in some important way, including the failure to reveal facts about possible results from using the advertised products |
| Bankruptcy | legal process that allows the selling assets to pay off debts |
| Patent | an agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention or a process |
| Copyright | similar to a patent in that the federal government gives and author the sole right to reproduce, publish, and sell literary or artistic work for the life of the author, typically plus 70 years |
| Trademark | distinguishing name, symbol, or special mark placed on a good or service zonal that is legally reserved for the sole use of the owner |
| Information Liability | responsibility for physical or economic injury arising from incorrect data or wrongful use of data |
| Cookies | files of information about the user that some Web sites create and store on the user’s own computer |
| Interstate commerce | defined as business operations and transactions that cross state lines, such as products that are produced in one state and sold in other states |
| Intrastate commerce | business transacted within a state. |
| Licensing | way to limit and control those who plan to enter certain types of businesses. |
| Public franchise | contract that permits a person or organization to use public property for private profit. |
| Building codes | control the physical features of structures. |
| Zoning | regulations specify which land areas may be used for homes and which areas may be used for different types of businesses. |
| Proportional tax | one in which the tax rate remains the same regardless of the amount on which the tax is imposed |
| Progressive tax | tax based on the ability to pay |
| Regressive tax | taxation wherein the actual tax rate decreases as the taxable amount increases |
| Income tax | tax on the profits of businesses and the earnings of individuals |
| Sales tax | tax levied on the retail price of goods and services at the time they are sold |
| Excise tax | sales tax applies only to selected goods or services |
| Property tax | tax on material goods owned. |
| Real property tax | tax on real estate, land and building |
| Personal property tax | tax on possessions that are movable, such as furniture, machinery, & equipment |
| Excise tax | sales tax applies only to selected goods or services |
| Property tax | tax on material goods owned. |
| Real property tax | tax on real estate, land and building |
| Personal property tax | tax on possessions that are movable, such as furniture, machinery, & equipment |
| Assessed valuation | value of property determined by tax officials |
| corporation | business owned by a group of people and authorized by the state in which it is located to act as though it were a single person |
| Charter | the official document through which a state grants the power to operate as a corporation |
| Stockholders | owners of a corporation |
| Shares | ownership is divided into equal parts |
| Dividends | profits that are distributed to stockholders or a per-share basis |
| Board of Directors | ruling body of the corporation |
| Officiers | top executives who are hired to manage the business |
| Capital stock | general term applied to the share of ownership of a corporation |
| Proxy | a written authorization for someone to vote on behalf of the person signing the proxy |
| Close Corporation | one that does not offer its shares of stock for public sale |
| Open Corporation | one that offers its shares of stock for public sale |
| prospectuses | formal summary of the chief features of the business and its stock offering |
| joint venture | an agreement among two or more businesses to work together to provide a good or service |
| virtual corporation | network of companies that form alliances among themselves as needed to take advantage of fast-changing market conditions |
| cooperative | business owned and operated by its user-members for the purpose of supplying themselves with goods and services |
| limited liability | special type of corporation allowed by states that is taxed as if it were a sole proprietorship or partnership |
| Subchapter S corporation | form of corporation |
| non profit corporation | organization that does not pay taxes and does not exist to make a profit |
| quasi-public corporation | business that is important to society but lacks the profit potential to attract private investors and is often operated by local state, or federal government |
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