Business Management Flashcards

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General partnership

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Most basic form of partnership under common law

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Open corporation

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A corporation whose ownership shares are available for exchange on the public market

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Lateral interaction

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Sharing information, ideas, or feelings to people with the same hierarchical level

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Uninsurable

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Not covered by insurance

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Integrity

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The quality of being honest and having strong moral principles

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Six Sigma

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A method of organization where members are split into groups and given different jobs to complete in order to maintain efficiency

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Risk Transfer

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A risk management technique where any risk that an organization takes is transferred to another organization, often in exchange for something else

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International tariffs

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Taxes imposed by a government on goods and services imported from other countries

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Subchapter “S” corporation

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Corporations that elect to pass income, losses, deductions, and credits through shareholders for tax purposes

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Professional Development

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The continuous process of learning and applying new skills to advance your career