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chapter 6
| Term | Definition |
|---|---|
| sole proprietorship | is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation. |
| unlimited liability | for any debts of the business. This means that, in the case of a lawsuit, somebody could come after your personal assets as well as your business assets.Feb 7, 2014 |
| partnership | the state of being a partner or partners. |
| corporation | a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. |
| limited liability | A type of liability that does not exceed the amount invested in a partnership or limited liability company. The limited liability feature is one of the biggest advantages of investing in publicly listed companies. |
| cooperative | involving mutual assistance in working toward a common goal. |
| nonprofit orgization | A business entity that is granted tax-exempt status by the Internal Revenue Service. Donations to a nonprofit organization are often tax deductible to the individuals and businesses making the contributions. |
| franchise | an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products. |
| producer | a person, company, or country that makes, grows, or supplies goods or commodities for sale. |
| processor | a machine that processes something. |
| manufacturer | a person or company that makes goods for sale. |
| intermediary | a person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator. |
| wholesaler | is an intermediary entity in the distribution channel that buys in bulk and sells to resellers rather than to consumers. In its simplest form, a distributor performs a similar role but often provides more complex services. |
| retailer | A term describing businesses that sell goods directly to individuals. (Compare wholesale.) The American Heritage® New Dictionary of Cultural Literacy, Third Edition. Copyright © 2005 by Houghton Mifflin Company. |
| production | the action of making or manufacturing from components or raw materials, or the process of being so manufactured. |
| procurement | the action of obtaining or procuring something. |
| marketing | the action or business of promoting and selling products or services, including market research and advertising. |
| management | the process of dealing with or controlling things or people. |
| finance | the management of large amounts of money, especially by governments or large companies. |
| accounting | the action or process of keeping financial accounts. |
| sole | the undersurface of a person's foot |
| income | money received, especially on a regular basis, for work or through investments. |
| partners | the state of being a partner or partners. |
| regulates | control or maintain the rate or speed of (a machine or process) so that it operates properly. |
| distributes | give shares of (something); deal out. |
| tasks | a piece of work to be done or undertaken. |
| functions | an activity or purpose natural to or intended for a person or thing. |
| involves | (of a situation or event) include (something) as a necessary part or result. |
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gamefighter
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