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Chapter 22

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
SOLE PROPRIETORSHIP   A business owned and operated by a sole, or single person.  
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FINANCIAL CAPITAL   The money needed to run a business or enable it to grow larger.  
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PARTNERSHIP   A business that two or more people own and operate.  
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ARTICLES OF PARTNERSHIP   Formal legal papers specifying the arrangement between partners.  
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CORPORATION   An organized business recognized by law that has many of the rights and responsibilities of an individual.  
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CHARTER   A government document granting permission to organize.  
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STOCK   Ownership shares of the corporation.  
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STOCKHOLDER   Become part owners of the corporation.  
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BOARD OF DIRECTIONS   People elected by the shareholders of a corporation to act on their behalf.  
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COOPERATIVE   A voluntary association of people formed to carry on an economic actiity that benefits its members.  
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LABOR UNION   Groups of workers who band together to have a better chance to obtain higher pay and better working conditions.  
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RIGHT-TO-WORK LAW   Which prevent mandatory union membership required by the union shop.  
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COLLECTIVE BARGAINING   Process by which unions and employers negotiate the conditions are made by the central government.  
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MEDIATION   Situation in which union and company officials bring in a third party to try to help them reach an agreement.  
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ARBITRATION   A third party listens to both sides, then decides how to settle the disagreement.  
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STRIKE   When workers deliberately stop working in order to force an employer to give in to their demands.  
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BOYCOTT   Or refuse to buy, the business's products.  
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TRANSPARENCY   Revealing, or making public, this information.  
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DISCRIMINATION   Unfair treatment based on prejudice againts a certain group.  
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SOCIAL RESPONSIBILITY   The obligation to pursue goals that benefit society as well as themselves.  
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