Series of steps through which products flow into or out of a business.

Management of materials and processes associated with incoming and outgoing products.

Term used to refer to a wholesale business or a retail business.

Bridge between a producer and a consumer.

Distribution pathway in which the product goes from the producer to one or more intermediaries before it reaches the consumer.

Business that buys goods in large quantities and resells them in smaller batches to retailers.

Distribution pathway in which a product goes from the producer straight to the consumer.

Business that buys and resells the goods in small quantities directly to consumers.

Handling and organizing of materials, equipment, goods, and workers.

Business that converts materials into goods suitable for use and sells those goods to others.

Business that provides and sells services to customers for a fee.

Money that the business uses in daily operations or has in savings.

Things that have value but are not material goods.

Any tangible asset that the business owns.

Unique inventions or processes that the business created.

People that help make the business run.

Any information that a business or individual keeps confidential to gain advantage over competitors.

Supply of possessions managed by the business in order to function effectively.

Procedure or set of guidelines that specifies exactly how something should be done or handled.

Item in inventory is completely gone.

Process for counting and tracking inventory so inventory value can be calculated.

Verbal communications or publicity.

Quantity of merchandise.

Customers who come back again and again.

Stealing, particularly of small amounts over time.

Minimum amount of inventory kept.

Quality of being believable and trustworthy, and keeping one’s promises.

A written contract between the insurer and the policyholder.

The amount of money a policyholder pays for coverage.

Buying materials, products, and services for business purposes.

Shifting risk to another party.

Act of purchasing.

Choosing appropriate vendors to supply desired business goods or services.

Cost of replacing property at current prices.

Discount given to resellers who are in the same trade, industry, or distribution chain as a vendor.

Amount the insured must first pay before the insurance company is required to chip in.

Covers losses to employees due to job-related injury or illness.

Legal structure in which the business is considered a “entity” under the law.

Two or more individuals share the management, profit, and liability of a business.

Combines the liability benefits of a corporation with the tax benefits of a sole proprietorship or partnership.

Set up a corporation in accordance with the laws where the business is located.

Business owner cannot be legally forced to use personal money and possessions to pay business debt.

Payment corporations make to their shareholders as a share of the profit.

Operates not to provide profit for its shareholders, but to serve the good of society.

Single individual owns the business, collects all profit, and has unlimited liability.

Unit of ownership in a corporation.

Legal document that clearly defines how the work, responsibilities, rewards, and liabilities of a partnership will be shared by the partners.

The price of a product decreases as it goes along the distribution chain.

A patent grants the exclusive right to make, use, or sell the work for __________________ years from the date on which the patent is filed.

What are the three C's of credit?

Although workers’ compensation insurance is required in every state, in some states, businesses with __________________ or fewer employees are exempt.

An insurance policy typically covers the entire amount of a loss.

A cooperative is a business owned by its __________________.

A corporation is easier to set up than a sole proprietorship.

A limited liability company is owned by its stockholders.

In a general partnership all partners have unlimited liability.