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Micro Ch. 7
| Term | Definition |
|---|---|
| Sole Proprietorship | A firm owned by one person who alone bears the responsibilities and unlimited liabilities of the firm. |
| Unlimited Liability | Personal responsibility of the owners for all debts incurred by sole proprietorships or partnerships. The owners' personal wealth is subject to appropriation to pay off the firm's debt. |
| Partnership | A firm owned by two or more people who each bear the responsibilities and unlimited liabilities of the firm. |
| Corporation | A firm whose legal identity is separate from the people who own shares of its stock. The liability of each stockowner is limited only to what he or she has invested in the firm. |
| Stock | Ownership in a corporation, represented by shares that are claims on the firm's assets and earnings. |
| Stockholder (Shareholder) | A person owning stock in a corporation, that is, a share of a corporation. |
| Dividend | That part of a corporation's net income that is paid out to its stockholders. |
| Corporate Bond | A corporate IOU. The corporation borrows capital for a specified period of time in exchange for this promise to repay the loan along with an agreed-upon rate of interest. |
| Corporate Governance | Corporate governance is concerned with the rules governing the structure of the corporation and the exercise of power and control of the corporation by shareholders, directors, and management. |
| Multinational corporation | A corporation whose production facilities are located in two or more countries. Typically, multinational corporate sales are also international. |
Created by:
lilready44
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