Understand the Nature of Busines
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Partnership | a business owned by two or more persons who share the same risks and rewards
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| Stock | share of ownership in a corporation
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| Intermediary | business that acts a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors
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| Sole proprietorship | a business owned only by one person
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| Corporation | a business treated by law as separate from its owners
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| Processors | businesses that change raw goods into more finished products
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| Manufacturers | businesses that make finished products out of raw processed goods
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| Unlimited liability | full legal and financial responsibility for a business
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| Limited liability | financial responsibility of business owners only for what they invested in a business
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| Franchise | a contractual agreement to use the name and sell the goods or services of an existing company
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| Nonprofit organization | a business whose main purpose is to provide a service rather than to make a profit
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| Cooperative | an organization of businesses owned and operated by the members, who pool their resources and share the benefits
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| Producers | a business that gathers raw products in their natural state
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| Wholesaler | a type of business that buys goods in large amounts and resells them to other businesses in smaller lots
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| Retailer | a business that sells goods or services directly to the public
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Created by:
mercerp53
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