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Ch 6 Key Terms

Intro To Business Key Terms for Chapter 6

TermDefinition
Sole Proprietorship A business owned by one person.
Unlimited Liability The Owner is responsible for the company's debts.
Partnership A business owned by two or more people.
Corporation A company that is registered by a state and operates apart from it's owners.
Limited Liability Holds a firm's owners responsible for no more than the capital they have invested in.
Cooperative An organization that is owned and operated by it's members.
Nonprofit Organization A type of organization that focuses on providing a service, but not to make a profit.
Franchise A 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 goods.
Processor Changes raw materials into more finished products.
Manufacturer A business that makes finished products out of processed goods.
Intermediary A business that moves goods from one business to another.
Wholesaler Distributes goods.
Retailer Purchases goods from a wholesaler and sells them to consumers.
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, leading, controlling, and evaluating the effective use of resources.
Finance The business or art of money management.
Accounting Involves maintaining and checking records, handling bills, and preparing financial reports for a business.
Created by: AaronRyan72