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| Question | Answer |
| Human Resources | Function within an organization that focuses on implementing organizational strategy, as well as recruiting, managing performance, and providing direction for the people who work in the organization. |
| HR Partner | An ally in providing HR services; A manager or department that has a relationship with HR in order to provide services to the organization. |
| Dedicated HR | A role in which the human resources function works closely with an organization to develop strategies and achieve business results. |
| Functional HR | The human resources role within the organization that focuses on strategy, recruitment, management, and the direction of the people in the organization. |
| Human Capital Strategies | Methods and tools for recruiting, managing, and keeping important employees. |
| Supply Chain Management (SCM) | Process of planning, implementing, and controlling operations, which begins with acquiring raw materials and continues to costumer delivery and support. |
| IRS | Internal Revenue Service |
| Sole Proprietorship | A business that is owned by a single person. - Income is generally reported under personal income tax forms and includes liability for self-employment taxes. |
| Partnerships | Type of business entity created when two or more individuals legally join together to form a business. -Each person is actively involved in the business by contributing money and labor. -Both persons expect to share the benefits as well as the risk of loss. -Business gains and losses are passed through to the partner's personal income tax returns. -Therefore the business entity does not pay income tax. -Partners are considered self employed for tax purposes. |
| Corporations | A corporation is a business in which stock is sold to shareholders in order to fund operations. -Profits are double taxed. First profits are taxed to the corporation when earned and then taxed again to the shareholders when distributed to them as earnings. -Shareholders do not deduct corporate losses from their personal taxes (unlike S Corporations). |
| S Corporations | Entities that pass profits and losses, income, and deductions through to the shareholders which are then reported on the shareholders personal income taxes and not on the corporate tax return. -Double taxing does not occur due to the losses being also passed through to the shareholders. |
| Limited Liability Companies (LLCs) | A state by state granted business structure that is a hybrid of a corporation and a partnership, with most states allowing for a single member. -If there are 2 or more partners, it may be classified as a partnership for tax filing purposes. -LLC's are not taxed as a corporation -Profits and losses are passed through the members. -Partners are considered self employed. |
| Franchising | A business structure in which a company sells licensing rights to another group or individual, allowing the franchisee to conduct for profit business under the franchisor's brand and and supply chain practices. Example: Fast food restaurants like McDonald's |
| Joint Venture (JV) | A type of time bases partnership between two businesses, often with shared goals or aligned to maximize resources. Example: Microsoft joining with General Electric to form Caradigm (company focused on streaming health care analytics) |
| Equity Partnership | When an individual or group decides to invest funds for startups. |
| Subsidiaries | A subsidiary is a company with 50% or more ownership interest by a parent company. Example: Odwalla is a subsidiary of the Coca Cola Company. |
| Foreign Subsidiaries | Subsidiary in which 50% or more is owned by a parent company headquartered in another county. -These might be formed by using a foreign direct investment (FDI) strategy to obtain control. |
| P&L's | Profit and Loss Statements |
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