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Econ 8
| Question | Answer |
|---|---|
| Sole proprietorship | Business owned and managed by a single individual |
| Business organization | Ownership structure of a business or a firm |
| Business license | Authorization from a local government to operate a business |
| Zoning laws | Laws in a city or town that designate certain areas, or zones, for residential and business use |
| Liability | Legal obligation to pay debts |
| Fringe benefits | Payments to employees other than wages or salary |
| Partnership | Business organization owned by two or more persons who agree on a specific division of responsibilities and profit |
| General partnership | Type of partnership in which all partners share equally in both responsibility and liability |
| Limited partnership | Only one partner is required to be a general partner |
| Limited liability partnership | Partnership agreement that spells out each partner's rights and responsibilities |
| Assets | Money and other valuables belonging to an individual or business |
| Business franchise | Semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| Royalties | Share of earnings given by a franchisee as payment to the franchiser |
| Corporation | Legal entity owned by individual stock holders, each of whom has limited liability for the firm's debts |
| Stock | A certificate of ownership in a corporation |
| Closely held corporation | Corporation that issues stock to only a few people, who are often family members |
| Publicly held corporation | Corporation that sells stock on the open market |
| Bond | Formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
| Certificate of incorporation | license to form a corporation issued by a state government |
| Dividend | Portion of corporate profits paid out to stockholders |
| Limited liability corporation (LLC) | Type of business with limited liability for the owners, with the advantage of not paying corporate income tax |
| Horizontal merger | Combination of two or more firms competing in the same market with the same good or service |
| Vertical merger | Two or more firms involved in different stages of producing the same good or service |
| Conglomerate | Business combination merging more that three business that produce unrelated products or services |
| Multinational corporation | A large corporation that produces and sells its goods and services in more that one country |
| Cooperative | Business organization owned and operated by a group of individuals for their shared benefit |
| Consumer cooperative | Retail outlet owned and operated by consumers that sells merchandise to members at reduced prices |
| Service cooperative | Cooperative that provides a service rather than a good |
| Producer cooperative | An agricultural marketing cooperative that helps members sell their products |
| nonprofit organization | Institution that functions much like a business, but does not operate for the purpose of generating profit |
| Professional organization | nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations |
| Business association | group organized to promote the collective business interests of an area or group of similar businesses |
| Trade association | Nonprofit organizations that promote the interests of particular industries |
| Articles of Partnership | partnership agreement that spells out each partner's rights and responsibilities |
Created by:
sudokken
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