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Objective 2.0

Understand the Nature of Busines

QuestionAnswer
Partnership a business owned by two or more persons who share the same risks and rewards
Stock share of ownership in a corporation
Intermediary business that acts a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors
Sole proprietorship a business owned only by one person
Corporation a business treated by law as separate from its owners
Processors businesses that change raw goods into more finished products
Manufacturers businesses that make finished products out of raw processed goods
Unlimited liability full legal and financial responsibility for a business
Limited liability financial responsibility of business owners only for what they invested in a business
Franchise a contractual agreement to use the name and sell the goods or services of an existing company
Nonprofit organization a business whose main purpose is to provide a service rather than to make a profit
Cooperative an organization of businesses owned and operated by the members, who pool their resources and share the benefits
Producers a business that gathers raw products in their natural state
Wholesaler a type of business that buys goods in large amounts and resells them to other businesses in smaller lots
Retailer a business that sells goods or services directly to the public
Created by: mercerp53