Foundations of Business Management Final Exam Review 1

Front

What a person owns of value such as jewelry, savings, art, a home, and a car

Back

Assets

Front

business with one owner

Back

sole proprietorship

Front

a spending plan people make in order to make sure there is enough income to cover all expenses

Back

Budget

Front

business with two or more owners

Back

partnership

Front

legal entity that can be structured as a partnership or corporation

Back

LLC

Front

legal entity that is similar to an individual in the eyes of the law

Back

corporation

Front

a person who organizes and operates a business, taking on financial risk to do so

Back

entrepreneur

Front

a formal statement of a set of business goals

Back

business plan

Front

government agency formed on July 30, 1953; delivers loans, loan guarantees, contracts, counseling sessions, and other forms of assistance to small businesses

Back

small business administration (SBA)

Front

portion of the business plan that summarizes the rest of the document; appears first but is written last

Back

executive summary