Types of Business Word Scramble
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| Question | Answer |
| a "behind the scenes", inactive partner has limited liability for the business's debts | limited partnership |
| merger of corporations involved in different steps manufacturing or marketing | vertical merger |
| merger of corporatons involved in the same business activity | horizontal merger |
| provides goods and services to members or the community without making profits | non-profit organizations |
| least common form of business organization in the United States | partnerships |
| most common form of business organization in the United States | sole proprietorship |
| all partners are equally liable for management and debts; partners usually draw up legal papers called articles of partnership | general partnership |
| advantages of a corporation | limited liability of debt; ease of raising money; unlimited life... |
| disadvantages of a corporation | little to no control over business; double taxation; government restrictions... |
| person who owns a share(s) of stock in a corporation | stockholder or shareholder |
| firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales | conglomerate |
| an owner is personally and fully responsible for all losses and debts of a business | unlimited liability |
| nonprofit association providing some type of economic activity for the benefit of its members; credit union; Sam's Club; Farmer's marketing | Cooperative |
| type of market structure characterized by a large number of buyers and sellers; no price control; no barriers to entering the market | perfect competition |
| type of market structure characterized by many sellers; little price control; little barrier to market entry | monopolistic competiton |
| type of market structure characterized by few sellers; considerable price control; large barriers to market entry | oligopoly |
| type of market structure characterized by one seller; complete price control; large barriers to market entry | monopoly |
| Reasons for government involvement in the US economy | regulate industries in which a monopoly is in the public interest (utility companies); prohibit market structures that are not competitive; protect the rights of workers and consumers; promote economic efficiency... |
| purchase of a corporation by another corporation or by an investor group; the identity of the acquired company may be lost | acquisitions |
| outlawed restraints and monopolies that hinder trade | Sherman Antitrust Act |
| no government interference in business | laissez-faire |
| ownership certificates in a firm | stock |
| real or imagined differences between competing products | product differentiation |
| charge the same or similar prices for a product | price fixing |
| combination of corporations or companies | trust |
| advantages of a sole proprietorship | easy and inexpensive to form; complete control; no special tax; ease of dissolution |
| disadvantages of a sole proprietorship | unlimited liablility; limited managerial experience; trouble finding qualified employees; personal time commitment... |
| advantages of a partnership | ease of formation; available capital; flexibility; diverse skills and expertise; attract good employees... |
| disadvantages of a partnership | unlimited liability; conflict between partners; difficult to exit; limited life... |
| 3 forms of businesses | sole proprietorship; partnership; corporation |
| 5 conditions of perfect competition | large number of buyers; identical products; each buyer and seller must act independently; byers and sellers must be reasonably informed about products and prices; very easy to enter and exit |
| authorization granted by a manufacturer to sell his/her product or service | franchise |
| advantages of a franchise | proven product/concept; financial assistance; management training and assistance; opportunity to expand |
| disadvantages of a franchise | loss of control; restricted operating freedom; cost of franchising |
Created by:
dlecates