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Rutiri-Entr-Ch3.13.2
Entrepreneurship Chaps. 3.1 & 3.2 Types of Business & Business Ownership
| Term | Definition |
|---|---|
| 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. |
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eva_rutiri
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