Intro to Business 1

Standards of moral behavior that is, behavior accepted by society as right versus wrong.

• Golden Rule

• Right

• Wrong

• Ethics

Insiders who report illegal or unethical behavior.

• Employees

• Whistleblowers

• Managers

• Investors

A business that is owned and usually managed by one person.

• sole proprietorship

• partnership

• corporation

• unlimited liability

A legal form of business with two or more owners.

• corporation

• partnership

• ownership

• legacy

A legal entity with authority to act and have liability separate from its owners.

• boss

• sole proprietorship

• business

• corporation

The responsibility of business owners for all of the debts of the business.

• master partnership

• limited reliability

• unlimited liability

• general partners

A company similar to an S corporation but without special eligibility requirements.

• limited liability company (LLC)

• S Corporation

• incorporation

• Start up

The result of two firms forming one company.

• variational merger

• vertical merger

• merger

• acquisition

One company's purchase of the property and obligations of another company.

• vertical

• acquisition

• merger

• conglomerate

An arrangement whereby someone with a good idea for a business sells rights to use the business name and sell a product or service to others in a given territory.

• franchisee

• franchise agreement

• franchisor

• franchise