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chapter 6

TermDefinition
sole proprietorship is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation.
unlimited liability for any debts of the business. This means that, in the case of a lawsuit, somebody could come after your personal assets as well as your business assets.Feb 7, 2014
partnership the state of being a partner or partners.
corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
limited liability A type of liability that does not exceed the amount invested in a partnership or limited liability company. The limited liability feature is one of the biggest advantages of investing in publicly listed companies.
cooperative involving mutual assistance in working toward a common goal.
nonprofit orgization A business entity that is granted tax-exempt status by the Internal Revenue Service. Donations to a nonprofit organization are often tax deductible to the individuals and businesses making the contributions.
franchise an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.
producer a person, company, or country that makes, grows, or supplies goods or commodities for sale.
processor a machine that processes something.
manufacturer a person or company that makes goods for sale.
intermediary a person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator.
wholesaler is an intermediary entity in the distribution channel that buys in bulk and sells to resellers rather than to consumers. In its simplest form, a distributor performs a similar role but often provides more complex services.
retailer A term describing businesses that sell goods directly to individuals. (Compare wholesale.) The American HeritageĀ® New Dictionary of Cultural Literacy, Third Edition. Copyright Ā© 2005 by Houghton Mifflin Company.
production the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
procurement the action of obtaining or procuring something.
marketing the action or business of promoting and selling products or services, including market research and advertising.
management the process of dealing with or controlling things or people.
finance the management of large amounts of money, especially by governments or large companies.
accounting the action or process of keeping financial accounts.
sole the undersurface of a person's foot
income money received, especially on a regular basis, for work or through investments.
partners the state of being a partner or partners.
regulates control or maintain the rate or speed of (a machine or process) so that it operates properly.
distributes give shares of (something); deal out.
tasks a piece of work to be done or undertaken.
functions an activity or purpose natural to or intended for a person or thing.
involves (of a situation or event) include (something) as a necessary part or result.
Created by: gamefighter