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Chapter 6 Key Terms

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 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