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Chpt 6 KeyTerms

TermDefinition
sole proprietorship 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 its risks and rewards.
Corporation Company that is registered by a state and operates apart from its owner.
Limited Liability A claim that holds a firm's owners responsible for no more than the capital that they have invested in it
Cooperative Organization that is owned and 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 Business that change raw materials into more finished products
Manufacturer Business that make finished products out of processed goods.
Intermediary A business that moves goods 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 crating, 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, good, and services.
Management The process of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of resources.
Fiance 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 financial reports for a business; The systematic process of recording and reporting the financial position of a person or an organization.
Sole Having no sharer; being the only one.
Income A gain or recurrent benefit usually measured in money that derives from the capital or labor
Partners A member of a partnership, especially in a business
Regulates To bring under the control of law or constituted 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: 237518