Intro To Business Key Terms for 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 one person.
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| Unlimited Liability | The Owner is responsible for the company's debts.
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| Partnership | A business owned by two or more people.
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| Corporation | A company that is registered by a state and operates apart from it's owners.
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| Limited Liability | Holds a firm's owners responsible for no more than the capital they have invested in.
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| Cooperative | An organization that is owned and operated by it's members.
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| Nonprofit Organization | A type of organization that focuses on providing a service, but not to make a profit.
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| Franchise | A 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 goods.
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| Processor | Changes raw materials into more finished products.
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| Manufacturer | A business that makes 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 | Distributes goods.
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| Retailer | Purchases goods from a wholesaler and sells them to consumers.
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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, leading, controlling, and evaluating the effective use of resources.
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| Finance | The business or art of money management.
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| Accounting | Involves maintaining and checking records, handling bills, and preparing financial reports for a business.
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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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