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BBI2O1- 1.2 Vocab

Introduction to Business: Unit 1, Chapter 2 Types of Businesses

TermDefinition
SOLE PROPRIETORSHIP A business owned by a single individual, normally reffered to as a proprietor.
ULIMITED LIABILITY Responsibility for claims against the business that goes beyond the amount invested in the business and extends to one's personal assets.
PARTNERSHIP A business that is usually operated by two or more individuals who want to share the costs and responsibilities of running a business.
PARTNERSHIP AGREEMENT An agreement/ contract that is agreed upon by two businesses to create the policy for a partnership.
CORPORATION A business that has been granted legal status with rights, priveleges, and liabilities that are distinct from those of the people who work for the business.
MULTINATIONAL Description of a business that opperates internationally, universally involving multiple nations.
SHARES A unit of ownership in a corporation that is sold in a stock exchange.
SHAREHOLDERS Individuals that have publicly purchased shares and have become ownders of the companies.
BOARD OF DIRECTORS A group of individuals who run a corporation or co-operative and make decisions on behalf of the shareholders.
PRIVATE CORPORATION A corporation in which only a few people control all the shares or stock and therefore the business.
PUBLIC CORPORATION A corporation that raises money by making shares available to thousands of people through selling shares on the stock exchange.
CROWN CORPORATION A business operated by the provincial or federal government.
MUNICIPAL CORPORATION The formal name for a city or town. Businesses that provide services to local citizens.
CO-OPERATIVE A business owned by the workers or by members who but the products or use the services that the business offers where the objective is service, not profit.
FRANCHISER The parent company who grants the franchise and provides goods and/or services to the franchisees.
FRANCHISEE A person who runs a franchise operation and is under contract, or licensing agreement, with the franchiser.
FRANCHISE A business that operates with the franchisee being licensed by the franchiser to operate a ready-made business with an interdependent agreement.
S.O.H.O (Small office, Home office) Home-based businesses.
E-COMMERCE "Electronic Commerce". A business which conducts it's organization solely online.
DEBT FINANCE Borrowing money to finance operations of the business.
EQUITY FINANCING Raising money using the owner's resources or money from investors.
FORECASTING The process of estimating what resources and financial assistance is required.
C.E.O Chief Executive Officer, who is essentially the president of a corporation and responsible for all operations. They report to a board of directors.
C.F.O Chief Financial Officer. The head of all financial affairs in a corporation that is repsonsible for all final decisions on financial matters. They report to a board of directors.
G.D.P (Gross Domestic Product) The total value of all goods and services produced in a country during a specific period of time (including items produced by foreign-owned companies).
JOINT VENTURE A business project that matches the skills of two individuals or businesses for mutual benefit.
STRATEGIC ALLIANCES Agreements between businesses in which each business commits resources to achieve a common set of objectives.
MERGER A process whereby one company combines with or takes over the ownership of one of more other companies.
OFFSHORING The relocation of some of a company's operations to another country.
Created by: ShirleyT
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