Economics Word Scramble

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

Created by: KristiWilliams