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Chapter 6 Key Terms
| 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 it's 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 more than the capital that they have invested in |
| Cooperative | Organization that is owned and is 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 good 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, 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 for financial reports for a business |
| Sole | Having no sharer; being the only one |
| Income | A gain or recurrent benefit usually measured in money that derives from capital or labor |
| Partners | A member of a partnership, especially in a business |
| Regulates | To bring under control of the law or constitution 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:
Destinee Rivera
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