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Chapter 2.1

Accounting

TermDefinition
free enterprise system people are free to produce the goods and services they choose, individuals are free to use their money as they wish: spend it, invest it, save it, or donate it.
profit the amount of money earned over and above the amount spent to keep the business operating
loss business that spend more money than they earn to operate
entrepreneur is a person who transforms ideas for products or services into real-world business
capital money that investors, banks, or business owners supply
services business provides a needed service for a fee
merchandising business buys finished products and resells them to individuals or other business
manufacturing business buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses
sole proprietorship is a business owned by one person
partnership is a business owned by two or more persons called partners, who agree to operate the business as co-owners
corporation is a business recognized by law to have a life of its own. It must get permission from the state to operate
charter gives a corporation certain rights and privileges also spells out the rules under which the corporation is to operate
Created by: justinjurado