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Vocab

Chapter 3

TermDefinition
Sole Proprietorship Unincorporated business owned and run by a single person who has the rights to all profits and unlimited liability for all debts of the firm. Most common form of business in the US.
Partnership Unincorporated business owned and operated by tow or more people who share profits and have unlimited liability for the debts and obligation of the firm. Same as general partnership.
Corporation Form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contrast, sue and be sued.
Stock Certificate of ownership in a corporation, common or preferred stock.
Stockholder Person who owns a share or shares of stock in a corporation. Same as shareholders.
Dividend Check paid to stockholders, usually quarterly, representing portion of corporate profits.
Bond Formal contract to repay borrowed money and interest on the borrowed money at regular future intervals.
Principal Amount borrowed when getting a loan or issuing a bond.
Interest Payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans.
Double Taxation Feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income.
Merger Combination of two or more business enterprise to form a single firm.
Net Income Measure of business profits determined by subtracting all expenses, including taxes, from revenues.
Cash Flow Total amount of new funds the business generates from operations; broadest
Created by: 3zimm