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Chapter 7 Business O
Vocab words for chapter 7 business organizations
| Question | Answer |
|---|---|
| Sole proprietorship | business that is owned and managed by one person |
| Zoning law | government law saying what types of structures and businesses are allowed in an area |
| Liability | a debt obligation |
| Collateral | property pledged by a borrower as security for a loan |
| Longevity | the duration of a firm’s life |
| Partnership | business owned and controlled by two or more people who share its profits and losses |
| General partnership | partnership where all members have equal authority and equal profits and losses |
| Limited partnership | partnership where some partners invest money but take no part in management |
| Corporations | business in which a group of owners share in the profits and losses |
| Articles of incorporation | an application to form a new corporation |
| Corporate charter | document that a government issues to grant certain rights and impose restrictions |
| Board of directors | panel elected by the stockholders of a corporation to establish its policies |
| Stock | share of ownership in a corporation |
| Shares | the smallest unit of ownership in a corporation, usually expressed as one share of stock |
| Dividends | stockholder’s portion of a corporation’s profit |
| Common stock | share of ownership in a corporation |
| Preferred stock | a share of ownership in a corporation |
| Corporate bond | document representing a loan made by an investor to a corporation |
| Principal | an amount of money that is borrowed, like a loan |
| Interest | financial return gained by investing or lending capital |
| Merger | the joining of two or more businesses under a single ownership |
| Horizontal combination | corporation made up of various businesses that produce the same product |
| Vertical combination | corporation made up of various businesses involved in different stages of the production of the same product |
| Conglomerate combination | corporation made up of several companies involved in different industries |
| Subsidiaries | business that another company either owns or has a controlling interest |
| Franchise | business that pays another established business to use the latter’s name and product line |
| Cooperatives | business that is owned collectively by those who use its goods or services |
| Nonprofit organization | an organization that generates revenue from product sales or donations |
Created by:
shupeer
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