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Intro To Business U6

TermDefinition
Sole Proprietor ships A business owned by one person
Partnerships A business owned by two or more people who share its risks and rewards
Corparations A company that is registered by a state and operates apart from its owner
Liability a company's legal financial debts or obligations that arise during the course of business operations
Unlimited Liability The owner is responsible for the company's debts
Limited Liability A firm's owners responsibility for no more than the capital that they have invested in it
Cooperative An organization that is owned and operated by its members
Producer A business that gathers raw goods
Processor A business that changes raw materials into more finished products
Manufacturers 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 A business that 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 and services 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, directing, controlling, and evaluating the effective use of resources
Finance The business or art of money management
Accounting Maintaining and checking records, handling bills, and preparing financial reports for a business
Created by: Airo
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