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Flashcards in Final Exam Deck (94)
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1

an enterprise subject to taxes on its reported profits; tax on corporate profits as well as any corporate distribution to owners

regular taxable corporation

2

firms where all profits flow to the owners free of any prior taxation

flow-through entities

3

a legal entity separate from its owners; a body of owners granted a charter to act as a separate entity distinct from its owners

corporation

4

4 main types of flow through entities

sole proprietorship, partnership, s corporation, and LLC

5

a firm owned by only one person and operated for his or her profit

sole proprietorship

6

business association of two or more people or firms who agree to cooperate with one another to achieve mutually compatible goals that would be difficult for each to accomplish alone

partnership (general or limited)

7

a firm with fewer than 50 employees operating as a sole proprietorship, a partnership, or a corporation owned by a few people

small business

8

seeks to exploit a limited opportunity or market to provide the entrepreneurs with independence and a slow-growth build-up of the business

niche business

9

a business corporation that aims to build an important new business and requires a significant initial investment to startup

high-growth business

10

a business based upon a radical innovation that seeks to commercialize it to build a special kind of high growth business

radical innovation

11

a corporation or a member association initiated to serve a social or charitable purpose

nonprofit organization

12

a new venture started by an existing corporation for the purpose of initiating and building an important new business unit or organization, solely owned subsidiary, or . spinoff as a new public company

corporate new venture (CNV)

13

a new venture that i snot owned or controlled by an established corporation

independent venture

14

a person or team that acts to form a new venture in response to an opportunity to deliver social benefits while satisfying environmental and economic values

social entrepreneur

15

the entrepreneurial process within the confines of an established corporation

intrapreneurship

16

the act of introducing products that compete with a firm's already existing product line

cannibalization

17

an organization that is first established within an existing company and then sent off on its own

spin-off unit

18

an s corporation is taxed as

a flow through entity

19

a corporate new venture usually has _____ revenue growth

above average

20

the point of every non profit is to produce

social wealth

21

intrapreneurs have access to what

a team of entrepreneurial coworkers
the resources of an existing corporation
opportunities within the company

22

common fears that act as barriers for entry for corporate entrepreneurs

fewer promotion opportunities within the existing corporation; failure of the corporate new venture; loss of status

23

three things to establish conditions for corporate new ventures

increase the sources for innovation; establish a process for collecting and evaluation ideas; do not let traditional executives control the budget

24

the valuable intangible property owned by persons or companies

intellectual property

25

an intellectual asset protected by confidentiality, non disclosure and assignment of inventions agreements, as well as physical barriers such as safes and limited access

trade secret

26

a grant by the US government to an inventor giving exclusive rights to an invention or process for 20 years

patent

27

rights of exclusive use issued for the protection of new, useful, nonobvious, and adequately specified processes, machines, and manufacturing processes for a period of 20 years

utility patent

28

grants of exclusive right of use for new, original, ornamental, and non obvious designs for articles of manufacture for a period of 14 years

design patent
(ex. apple rounded edges of rectangle screen of iPad)

29

a grant of exclusive right of use for a term of 20 years for certain new varieties of plants that have been asexually reproduced

plant patent

30

a type of utility patent that involves the classification of a process

business method patent
(Amazon one click order process)