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Economics Ch. 8
Economics Chapter 8
Question | Answer |
---|---|
Person who organizes, manages, and assumes the risk of a business in order to gain profits. | Entrepreneur |
A beginning of business enterprise. | Start up |
Private funded agency that assists new businesses by providing advice or low-rent buildings and supplies | Samll business incubator |
Extra supply of the items used in a business, such as raw materials or goods for sale. | Inventory |
Income recived from the sale of goods and services; also, slips of paper documenting a purchase. | Receipts |
Business owned and operated by one person. | Sole proprietorship |
Owner of a business. | Proprietor |
Requirement that an owner is personally and fully responsible for all losses and debts of a business. | Unlimited liability |
All items to which a business or household holds legal claim. | Assets |
Business that two or more individuals own and operate. | Partnership |
Special form of partnership in which one or more partners have limited liability but no voice in management. | Limited partnership |
Partnership set up for a specific purpose for a short period of time. | Joint ventures |
Type of business organization owned by many people but treated by laws as though it were a person. | Corporation |
Share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation. | Stock |
Requirement in which an owner's responsibility for a company's debts is limited to the size of the owner's investment in the firm. | Limited liability |
Articles of incorporation | |
Corporate charter | |
Common stock | |
Dividend | |
Preferred stock | |
Franchise |