Exam (elaborations)
RSM100 Chapter 5
Exam of 15 pages for the course Ch. 10 at Ch. 10 (RSM100 Chapter 5)
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RSM100 Chapter 5acquisition - ANS-an agreement in which one firm purchases another
board of directors - ANS-the governing body of a corporation
BDC (Business Development Bank of Canada) - ANS-a governmental agency that
assists, counsels, and protects the interests of small businesses in Canada
Business Incubator - ANS-a local program designed to provide low-cost, shared
business facilities to small startup companies
Business Plan - ANS-a formal document that details a company's goals, methods, and
standards.
Common shares - ANS-shares that give owners voting rights but only residual claims to
the firm's assets and income distributions.
conglomerate merger - ANS-a merger that combines unrelated firms usually with the
goal of diversification, increasing sales, or spending a cash surplus to avoid a takeover
attempt.
corporation - ANS-a legal organization with assets and liabilities separate from the
assets and liabilities of its owners.
franchisee - ANS-the individual or business firm purchasing a franchise.
franchising - ANS-- a contract-based business arrangement between a manufacturer or
other supplier and a dealer, such as a restaurant operator or retailer
-combines large and small businesses into a single entity and is a major factor in the
growth of small businesses
franchisor - ANS-the firm whose products are sold to customers by the franchisee.
home-based business - ANS-firms operated from the residence of the business owner.
horizontal merger - ANS-a merger that joins firms in the same industry for the purpose
of diversification, increasing customer bases, cutting costs, or expanding product lines.
, joint venture - ANS-a partnership between companies for a specific activity.
merger - ANS-an agreement in which two or more firms combine to form one company.
not-for-profit corporations - ANS-organizations whose goals do not include pursuing a
profit.
partnership - ANS-an association of two or more persons who operate a business as
co-owners by voluntary legal agreement.
preferred shares - ANS-shares that give owners limited voting rights and the right to
receive dividends or assets before owners of common shares.
Shareholders - ANS-owners of a corporation as a result of their purchase of shares in
the corporation.
small business - ANS-an independent business with fewer than 100 employees and
revenues less than $2 million that is not dominant in its market.
sole proprietorship - ANS-a business ownership structure in which the sole proprietor's
status as an individual is not legally separate from his or her status as a business
owner.
venture capital - ANS-money invested in a business by another business or a group of
individuals in return for an ownership share.
vertical merger - ANS-a merger that combines firms operating at different levels in the
production and marketing process.
Describe the characteristics of a small business. - ANS-A small business is an
independently owned business that has fewer than 100 employees and revenues less
than $2 million. A small business is not usually the leading business in its field. It meets
industry-specific size standards for income or number of employees. A business is
classified as large when its number of employees or revenue exceeds these standards.
How does Industry Canada define small business? - ANS-Industry Canada defines a
small business as an independent business that has fewer than 100 employees and
revenues not more than $2 million.
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