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Chapter 6

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 it.
Cooperative Organization that its owned and operated by its 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 Businesses that change raw materials into more finished products.
Manufacturer Businesses 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 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 or an organization.
Sole Having no sharer; being the only one
Income A gain or recurrent benefit usually measured in money that derives from capitol or labor.
Partners A member of a partnership, especially in a business.
Regulates To bring under the control of law or constituted authority.
Distributes To divide among several or many.
Tasks A usually assigned piece of work often to be finished within a certain time.
Functions The action for which a person or thing is specially fitted or used or for which a thing exists.
Involves To engage as a participant.
Created by: JayceeJohnson