Fall 2024 Entrepreneurship Final Exam- Mrs. Rose

when a group of people form a business or organization and have rights and liabilities separate from the individuals involved

• Competition
• Corporation
• S Corporation
• Promotion

most widely used form of business in the world; treated as separate legal entities from its shareholders, so they have the ability to sue or be sued, are capable of holding assets in its own name, can sign contracts and have the ability to make by-laws, which govern its internal affairs

• Idea Generation
• C Corporation or General Corporation
• Departmentalization
• Limited Liability Corporation

any person, company or other institution which owns at least one share in a company (also known as a stockholder)

• Color
• Survey
• Labeling
• Shareholder

item of ownership having an exchange value

• Threats
• DISC
• Stock
• Asset

money or debt owed

• Quality
• Liability
• Authority
• Labeling

when a corporation makes a profit, it pays a federal corporate income tax on it, and then if the company declares a dividend, the stockholders must report it as personal income and pay more taxes

• Decentralization
• Double Taxation
• Competition
• Public Relations

general corporations which have elected a special tax status with the IRS after the corporation has been formed; most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners

• S Corporation
• Corporation
• Competition
• Promotion

made up of social security taxes and Medicare taxes

• FICA Taxes
• feedback
• Objectives
• Medicare Tax

provides benefits for certain retired, disabled or deceased workers and their families

• Sales Promotion
• Medicare Tax
• Social Security Tax
• Formal Structures

pays for the medical expenses of most people over the age of 65

• democratic
• Medicare Tax
• autocratic
• FICA Taxes