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Chapter 6
| Question | Answer |
|---|---|
| sole proprietorship | is a business owned by one person |
| Unlimited Liability | the owner is responsible for the company's debts |
| Partnership | is a business owned by two or more people who share its risks and rewards |
| corporation | is a company that is registered by a state and operates apart from it owners |
| limited liability | holds a firm owners responsible for no more than the capital that they have invested in it |
| Cooperative | Is an organization that is owned and operated by it members |
| Nonprofit organazition | type of organization that focus on providing a service, but not to make a profit |
| Franchise | is a contractual agreement to use the name and sell the products or service of a company in a designated area |
| Producer | is a business that gathers raw goods |
| Processor | changes raw materials into more finished products |
| Manufacturer | is a business that makes finished products out of processed goods |
| intermedairy | is a business that moves goods from one business to another |
| wholesaler | distributes goods |
| retailer | purchases goods from a wholesaler and sells them to consumers, the final buyer of the goods |
| production | is the process of creating, expanding, manufacturing, or improving goods and services |
| procurment | is the buying and reselling of goods |
| Marketing | is the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services |
| Managemant | is the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resource |
| Finance | is the business or art of money managemant |
| Accounting | involves maintaining and checking records, handling bills, and preparing financial reports for a business |