Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Ch 8 Business

Spalding Academy 10th Econ

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