Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chpt 6 KeyTerms
| Term | Definition |
|---|---|
| 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
Popular Computers sets