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Key Terms

Chapter 6

TermDefinition
Sole Proprietorship: A business owned by only one person.
Unlimited Liability: A liability that holds the owner fully responsible for a company's debts.
Partnership: A business owned by two or more people who share its risks and rewards.
Corporation: Company that is registered by a state and operates apart from its owners.
Limited Liability: A claim that holds a firm's owners responsible for no more than the capital that they have invested in.
Cooperative: Organization that is owned and operated by it's members.
Nonprofit Organization: A type of business that focuses on providing a service rather than making a profit.
Franchise: Contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
Producer: A business that gathers raw products in their natural state.
Processor: Business that change raw materials into more finished products.
Manufacturer: Business that make finished products out of processed goods.
Intermediary: A Business that moves goods from one business to another.
Wholesaler: A business that distributes goods; also known as a distributor.
Retailer: A business that purchases goods from a wholesaler and sells them to the consumer, the final buyer of the goods.
Production: The process of creating, expanding, manufacturing, or improving goods and services.
Procurement: The buying and reselling of goods that have already been produced.
Marketing: The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
Management: The process of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of resources.
Finance: The function of business that involves money management.
Accounting: The Function of business that involves maintaining and auditing records, sending out and paying bills, and preparing financial reports for a business; The systematic process of recording and reporting the financial position of a person/ organization.
Created by: MariselaG15