Ch. 8
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| sole proprietorship | business owned and run by a single individual
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| unlimited liability | owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, and general partnerships
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| inventory | stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production
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| limited life | situation in which a firm legally ceases to exist when an owner dies or quits, or a new owner is added; applies to sole proprietorships and partnerships
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| partnership | business owned by two or more persons
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| corporation | form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
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| charter | government document that gives permission to create a corporation
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| stock | ownership certificates in a company
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| stockholders | people who own a share or shares of stock in a corporation
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| dividend | check paid to stockholders, usually quarterly, representing a portion of corporate profits
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| common stock | most basic form of corporate ownership, generally with one vote per share for stockholders
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| preferred stock | form of stock with no voting privileges; has a higher claim on corporate income and assets than does common stock
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| bond | written promise to repay the amount borrowed at a later date
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| interest | payment made for the use of borrowed money; usually paid at periodic intervals for long-term bonds or loans
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| principal | amount borrowed when getting a loan or issuing a bond
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| double taxation | feature of taxation that allows stockholders' dividends to be taxed both as a corporate profit and as a personal income
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| franchise | business investment that involves renting or leasing another successful business model
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| franchisor | actual owner of the business that lets other investors rent or lease its name, business profile, and way of doing business
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| franchisee | the investor who rents or leases the business model from the franchisor and then hopes to recoup his or her investment by selling the franchisor's goods or services
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| horizontal merger | firms that produce the same kind of product join forces
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| vertical merger | companies involved in different stages of manufacturing, marketing or sales join together
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| conglomerate | firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales
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| multinational | corporation that has manufacturing or service operations in a number of different countries
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| venture capitalist | provider of investment funds to a start-up business in exchange for partial ownership of the business
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| angel investors | informal and usually affluent investors who provide funds to less-promising start-ups
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| crowdfunding | using social networking to appeal to potential investors
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| nonprofit organization | works in a businesslike way to promote the collective interests of its members rather than seek financial gain for its owners
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| credit union | nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services
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| labor union | organization of workers formed to represent its members' interests in various employment matters
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| collective bargaining | process of negotiation between union and management representatives over pay, benefits, and job-related matters
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| chamber of commerce | nonprofit organization of local businesses whose purpose is to promote their interests
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| Better Business Bureau | business-sponsored nonprofit organization providing information on local companies to consumers
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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:
KristiWilliams