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Key Terms
Chapter 6
| Term | Definition |
|---|---|
| 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. |
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MariselaG15
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