Deca Entrepreneurship Exam 1 (100% correct and graded A+)

Sovereign Community - Answer-A legal concept stating that the courts in a country represent the country's laws, and their decisions cannot be reversed by the decision of courts in other countries. Legal concept that affects foreign countries Eminent Domain - Answer-the right of a government or its agent to take away private property for public use, with payment of compensation. Absolute privilege - Answer-An absolute defense to an otherwise defamatory statement because of the venue or context in which the statement was made. Social Responsibility - Answer-An organization or individual has an obligation to act for the benefit of society at large. Infringement - Answer-The action of breaking the terms of a law, agreement, etc. Defamation - Answer-A statement that injures a third party's reputation. National Labor Relations Act - Answer-to protect the rights of employees and employers, to encourage collective bargaining, and to lessen certain private sector labor and management practices Vocational Rehabilitation Act - Answer-Was put in place to correct the problem of discrimination against people with disabilities in the United States. Fair Labour Standards Act - Answer-A law that creates the right to a minimum wage, and "time-anda-half" overtime pay when people work over forty hours a week. Americans with Disabilities Act - Answer-A civil rights law that prohibits discrimination based on disability. Does not allow employers to ask employees about potential medical history.Consolidation - Answer-joining of two or more companies to form a new company General Partnership - Answer-designed to combine capital, experience, and the abilities of two or more people Limited Partnership - Answer-permits a partner to invest in a business but have limited liability and responsibility Open Corporation - Answer-sells millions of shares of stock to many stockholders Intermediaries - Answer-Put buyers and sellers together without taking ownership of the product, service or property. They act as go-betweens. Wholesalers - Answer-an intermediary who helps to move goods between producers and retailers by buying goods from producers and selling them to retailers Industrial user - Answer-A business that buys materials, services, or goods which it will use to make other goods indirect agent - Answer-intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them acquisition - Answer-Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions or M&As. Strategic planning - Answer-is long-range planning (three to five years) for the company as a whole Tactical planning - Answer-is short-range planning (one year) of specific actions the business will take. Systematic planning - Answer-involves using a set of procedures to plan activities Environmental planning - Answer-focuses on establishing goals and activities that affect the natural environment. SWOT Analysis - Answer-describes the business (or business owner's) strengths, weaknesses, opportunities, and threats business plan - Answer-is a detailed document that serves as a blueprint or guide for developing the business. promotional plan - Answer-is the framework for the business's promotional activities corporate philosophy - Answer-is often documented and provides details about the business's core values and its mission. Outsourcing - Answer-is acquiring assistance from individual consultants or outside organizations to obtain goods and services to perform primary business activities. cash flow statements - Answer-Businesspeople prepare ___________ to estimate when, where, and how much money will flow into and out of a business during a certain period of time collateral - Answer-security for repayment of a loan