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Rutiri-Entr-Ch3.13.2

Entrepreneurship Chaps. 3.1 & 3.2 Types of Business & Business Ownership

TermDefinition
A manufacturing business (manufacturer) What type of business converts materials into goods suitable for use and then sells those goods to others?
A wholesaling business (wholesaler) What type of business buys goods in large quantities, typically from manufacturers, and resells them in smaller batches to retailers?
A retailing business (retailer) What type of business buys goods, often from wholesalers, and resells them directly to consumers, who are the end buyers?
A service business What type of business provides services to customers for a fee?
1950's Which decade was the country’s dominant industry for manufacturing?
1950s and 1960s Which decades America experienced a boom in franchising?
1970 Which decade did service, wholesale, and retail businesses account for the majority of America’s economic production.
2000s The vast majority of businesses started in the service and trade businesses was which decade?
What does NAICS represent? North American Industry Classification System
The top ten companies have one thing in common and what is it? They provide some type of service!
2020 Service businesses are expected to dominate the U.S. economy through this date.
Owner’s liability __________ ____________ is the legal obligation of a business owner to use personal money and possessions to pay the debts of the business.
Unlimited liability ___________ ___________ means that a business owner can be legally forced to use personal money and possessions to pay the debts of the business.
Limited liability ___________ ___________ means that a business owner cannot be legally forced to use personal money and possessions to pay business debt.
A sole proprietorship What type of ownership is a legally defined type of business ownership in which a single individual owns the business, collects all profit from it, and has unlimited liability for its debt.
Sole proprietorship This is the simplest and least expensive option for business ownership.
Sole proprietor This type of business ownership has unlimited liability for any business debts.
Partnership ______________ is a legally defined type of business organization in which at least two individuals share the management, profit, and liability.
Limited partnership ____________ ____________is structured so that at least one partner (the general partner) has limited liability for the debts of the business.
general partners Because__________ ___________ have unlimited liability, they risk losing personal money and possessions to pay business debts.
corporation A _______________ is a legally defined type of business ownership in which the business is considered a type of “person” (or “entity”) under the law, and limited liability is granted to the business owner(s).
owners The ____________ of a corporation are called its shareholders or stockholders.
Shareholders _______________ have a limited liability. They risk only the money they invested in the corporation.
C corporations Most corporations are ____ _____________, which are taxed as an entity by the federal government.
limited liability A ____________ ____________ company is a legally defined type of business ownership similar to a C corporation, but with simpler operating requirements and tax procedures and greater liability protection for the business owners.
nonprofit corporation A __________ _____________is a legally defined type of business ownership in which the company operates not to provide profit for its shareholders but to serve the good of society.
cooperative A _______________ is a business owned, controlled, and operated for the mutual benefit of its members—people who use its services, buy its goods, or are employed by it.
Created by: eva_rutiri