1,2 3 4,5

L
6 7

T
8 9

10

11

12

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14

G
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19

20 17

18

ACROSS: 1. Term used in business to identify the process of sub-contracting work to outside vendors (11) 4. A contractual arrangement, or document representing this, in which one organization given another the rights to produce, sell, or use something in return for payment (7) 6. A stage of the business cycle in which economic activity is in slow decline; usually follows boom (9) 9. An agreement enforceable by law (8) 11. A relationship in which the franchisor provides a licenses privilege to another firm to do business (11) 15. A bill prepared by the seller of goods or services telling purchasers how much they owe (7) 18. Businesses and individuals engaged in the activity of selling products to final customers (9) 19. The exclusive legal right allowed to the originator to produce and sell any work of art for a specific period (9)

DOWN: 2. A general term for costs of materials and services not directly adding to or readily identifiable with the product or service being sold (8) 3. Borrowed funds that are generally secured by collateral or a co-signor (4) 5. A method of corporate funding in which a higher proportion of funds is raised through borrowing than share issue (8) 7. A discussion with the aim of resolving a difference of opinion, or dispute, or to settle he terms of an agreement or transaction (11) 8. Term used to indicate employee reassignment, layoffs, and restructuring in order to make a business more competitive, efficient and/or cost effective (8) 10. A projection or estimate of what may result in the future from actions in the present; a document issued before all relevant details are known, usually followed by the final version (8) 12. Ban on objectionable materials (6) 13. A research method in which people are asked questions (6) 14. A marketing technique, the aim of which is to damage the market share of competitors (8) 16. Illegal transfer and trade of goods and services (11) 17. A product or service that is given away, often as business promotion (7) 20. A name, phrase, logo, image, or combination of images used to identify and distinguish a business from others in the marketplace (9)