Legal Aspects of Business The ‘Plan’ Vocabulary Characteristics Marketing 20 Points 30 Points 40 Points 50 Points 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points What is an economy He appointed judges to settle disputes 10 Point Knowing why Fred and Bill came home late 10 Point King Hussein of Jordan stayed home 10 Point Stock purchase 24 ATT stocks 10 Point An Accountant after 4/15 10 Point Human bait 10 Point

A business owned by a single individual Sole Proprietorship

The biggest benefit is a shield from personal liability Corporation

The corporation lives on even if the president dies Perpetual existence

LLC or limited liability company Like a corporation except fewer reporting requirements and formalities

The sole rights consist of sharing in the profits Limited Partnership

It describes the purpose of the company Mission statement

Ownership and legal structure are found in this section Introduction

This section includes the mission statement and is rewritten in the end Executive Summary

A clear description of the industry appears here Marketing section

The type of business would be found here Introduction or Company Description

Limited resources describe this scarcity

In this economy, government determines what and how to sell goods Command economy

In this economy, people decide what goods and services are produced Market economy

The level of output from each worker productivity

1d These forces control the market Supply and demand

They produce 13 times more patents per employee than large patenting firms Entrepreneurs

2d A business owned by two or more people Partnership

4d Owners of a corporation stockholders

A company that does not offer its shares of stock for public sale Close corporation

A type of business based on reselling a product Wholesaling

1e Of the five characteristics of entrepreneurs-the most important attribute is… drive

3e This characteristic includes creativity and analytical abilities Thinking ability

3e The aptitude toward human relations translates into… Ability to motivate others

Entrepreneurs must be able to evaluate competition and make decisions. This skill is… Management

4e Biggest disadvantage of being an entrepreneur Could lose all your money-risk

You basically are delivering the product selling

Of the 4 P’s of Marketing, with this one, you are advertising Promotion

With this “P” Rte might be crucial Place (location)

I want everyone to recognize my business logo

Packaging is what part of the Marketing mix? Promotion

HOW to sell your product, such as through brochures or in community groups, is called … Marketing Strategy

Make your wager

Final Answer