Ch 6 Key Terms Word Scramble
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Term | Definition |
Sole Proprietorship | A business owned by one person. |
Unlimited Liability | The Owner is responsible for the company's debts. |
Partnership | A business owned by two or more people. |
Corporation | A company that is registered by a state and operates apart from it's owners. |
Limited Liability | Holds a firm's owners responsible for no more than the capital they have invested in. |
Cooperative | An organization that is owned and operated by it's members. |
Nonprofit Organization | A type of organization that focuses on providing a service, but not to make a profit. |
Franchise | A contractual agreement to use the name and sell the products or services of a company in a designated geographic area. |
Producer | A business that gathers raw goods. |
Processor | Changes raw materials into more finished products. |
Manufacturer | A business that makes finished products out of processed goods. |
Intermediary | A business that moves goods from one business to another. |
Wholesaler | Distributes goods. |
Retailer | Purchases goods from a wholesaler and sells them to consumers. |
Production | The process of creating, expanding, manufacturing, or improving goods and services. |
Procurement | The buying and reselling of goods that have already been produced. |
Marketing | The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services. |
Management | The process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources. |
Finance | The business or art of money management. |
Accounting | Involves maintaining and checking records, handling bills, and preparing financial reports for a business. |
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AaronRyan72
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