Chapter 6
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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| Sole Proprietorship: | A business owned by only one person.
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| Unlimited Liability: | A liability that holds the owner fully responsible for a company's debts.
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| Partnership: | A business owned by two or more people who share its risks and rewards.
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| Corporation: | Company that is registered by a state and operates apart from its owners.
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| Limited Liability: | A claim that holds a firm's owners responsible for no more than the capital that they have invested in.
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| Cooperative: | Organization that is owned and operated by it's members.
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| Nonprofit Organization: | A type of business that focuses on providing a service rather than making a profit.
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| Franchise: | Contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
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| Producer: | A business that gathers raw products in their natural state.
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| Processor: | Business that change raw materials into more finished products.
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| Manufacturer: | Business that make finished products out of processed goods.
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| Intermediary: | A Business that moves goods from one business to another.
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| Wholesaler: | A business that distributes goods; also known as a distributor.
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| Retailer: | A business that purchases goods from a wholesaler and sells them to the consumer, the final buyer of the goods.
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| Production: | The process of creating, expanding, manufacturing, or improving goods and services.
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| Procurement: | The buying and reselling of goods that have already been produced.
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| Marketing: | The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
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| Management: | The process of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of resources.
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| Finance: | The function of business that involves money management.
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| Accounting: | The Function of business that involves maintaining and auditing records, sending out and paying bills, and preparing financial reports for a business; The systematic process of recording and reporting the financial position of a person/ organization.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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