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  1. Small business
    a business which is independently owned and operated and is not dominant in its field of operations
  2. Entrepreneur
    one who organizes, manages, and assumes the risk of a business firm or venture
  3. Corporate refugees
    those individuals who flee the bureaucratic environment of big business by going into business for themselves
  4. Business
    an organization that combines inputs of raw materials, capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit
  5. Business plan

    New venture plan
    a written description of a new idea that projects marketing, operational, and financial aspects of a proposed business
  6. Manufacturing business
    a business that makes finished goods from raw materials by hand or machinery
  7. Merchandising business
    a business that purchases finished goods for resale
  8. Service business
    a business that provides a service as opposed to a product
  9. Interdependence
    the dependency of businesses on one another
  10. Innovation
    the introduction of something new

    a new idea, method or device
  11. Interest
    money paid for the use of money
  12. Rate
    the annual percentage rate used to compute interest
  13. Consumerism
    the emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised

    also, a social movement that seeks to stregthen the rights of consumers relative to sellers
  14. Tangible assets
    those physical assets that can be appraised by value/possesses genuine value or can be seen or touched
  15. Intangible assets
    a type of asset that is not able to be physically touched or grasped but is retained by a small business because of its genuine value appeal
  16. Human resources forecast
    determining personnel needs in terms of numbers of individuals and their required skills
  17. Book value
    the cost of a fixed asset less accummulated depreciation
  18. Liquidation value approach

    Market value approach
    the anticipated value of an asset that would be realized in case of liquidation of the business
  19. Replacement value approach
    the fair market price to purchase similar assets
  20. Earnings valuation approach
    a business valuation approach which centers on estimating the amount of potential income that may be produced by the business in the next year
  21. Market value approach
    an approach used in business valuation which determines value based upon previous sales of similar businesses
  22. Goodwill
    an intangible asset such as the name of a funeral home

    also, an intangible asset which enables a business to earn a profit in excess of the normal rate of profit earned by other businesses of the same kind
  23. Trademarks
    an intangible asset that is a distinct name, sign, or symbol that the federal government grants exclusive rights to use for a specified period of time
  24. Copyrights
    the registered right of a creator to reproduce, publish, and sell the work which is the product of the intelligence and skill of that person
  25. Patents
    the registered right of an inventor to make, use, and sell an invention
  26. Sole proprietorship

    a business owned and operated by one person
  27. Partnership
    the voluntary business association of two or more persons who have combined their resouces to carry on as co-owners of a lawful enterprise/business for their their joint profit
  28. Articles of Partnership
    a written document that states explicitly the rights and duties of partners in a partnership
  29. Corporation
    an artificial being, invisible, intangible, and existing only in contemplation of law

    an entity that is something that has a distinict existence separate and apart from the existence of its individual members.

    a legal form of organization whereby a legal entity is authorized by a state to operate a business under the entity charter or articles of incorporation
  30. Corporation charter
    the written application for permission to incorporate that is approved by a state official
  31. Board of directors
    the governing body that is elected by the stockholders of a corporation
  32. Limited liability company (not corporation)
    a new form of business ownership (approved in most states since approximately 1994)

    combines aspects of partnerships with the limited liability of a corporation

    owners known as members
  33. Disaster
    a sudden misfortune, resulting in the loss of life and/or property
  34. Emergency
    an unforeseen combination of circumstances that results in a need for immediate action
  35. Aftercare

    Follow-up services

    Post-need services
    services provided by a funeral service organization that occur after final disposition
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