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Ch 8 Business
Spalding Academy 10th Econ
| Question | Answer |
|---|---|
| A written application to the state seeking permission to form a corporation | Articles of incorporation |
| An organization consisting of people who pool their resources to buy and sell more efficiently than they could independently | Cooperative |
| A legal entity with an existence that is distinct from the real people who organize, own, and run it | Corporation |
| Money needed to start or expand a business | Financial capital |
| Partners share both in the responsibility for running the business and in any liability from its operation | General partnership |
| The process of turning an invention into a marketable product | Innovation |
| The legal obligation to pay any debts the businesses encounters | Liability |
| Business with limited liability for some owners, single taxation of business income, and no ownership restrictions | Limited liability company (LLC) |
| Easily converted from an existing partnership | Limited liability partnership (LLP) |
| At least one general partner runs the business and bears unlimited personal liability; other partners provide financial capital but have limited liability | Limited partnership |
| Groups that do not pursue profit as a goal | Not-for-profit organizations |
| Two or more people agree to contribute resources to the businesses in return for a share of the profit | Partnership |
| Ownership limited to just a few people, sometimes only family members; shares are not publicly traded | Private corporation |
| Owned by many shareholders; shares can be bought or sold | Publicly traded corporation |
| Limited liability combined with the single taxation of business income; must have no more than 75 stockholders with no foreign stockholders | S corporation |
| The simplest form of business organization; a firm is owned and run by one person | Sole proprietorship |
| Provide a business example for each of the 4 types of creative changes made by entrepreneurs. | 1) Intro new product: Segway, 2) Improve quality of existing products: Starbucks, 3) Intro new production methods: Ford, 3) Intro new ways of doing business: Mary Kay |
| What are some of the reasons that sole proprietorships are the most common type of business organization? | easy to start, few gov’t regulations, complete control, keep all profit, pride of ownership |
| How can cooperatives reduce costs for consumers and producers? | Producers are exempt from some taxes and get discounts on supplies. Consumers receive a cheaper good faster |
| Suppose you and your friend decide to open a candy shop. Would it be best for you to form a general partnership or a limited partnership? Why? What advantages would there be in forming this partnership? Disadvantages? Explain. | General partnership: Partners share responsibility and liability equally OR Limited partnership: 1 person runs business and is liable, 1 person supplies money and has limited liability |
Created by:
rejoyce431
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