Chapter 6: Business Ownership and Operations
About this set
Created by:
Leoandam on November 29, 2011
Subjects:
Intro To Business and Entrepeneurship
Log in to favorite or report as inappropriate.
Order by
15 terms
Terms | Definitions |
|---|---|
 Sole Proprietorship | A business owned by only one person |
| Unlimited Liability | Full legal and financial responsibility for a business |
| Partnership | A business owned by two or more persons who share the risks and rewards |
| Corporation | A business treated by law as seperate from its owners |
| Stock | Shares of ownership of a corporation |
| Limited Liability | Financial responsibility of business owners only for what they invested in a business |
| Franchise | A contractual agreement to use the name and sell the goods of an existing company |
| Nonprofit Organization | A business whose main purpose is to provide a service rather than make a profit |
| Cooperative | An organization of business owned and operated by the members, who pool their resources and share benifets |
| Producer | A business that gathers raw materials in their natural state |
| Processors | Businesses that change raw goods into more finished products. |
| Manufacturers | Businesses that make finished products out of raw or processed goods |
| Intermediary | Businesses that act as go-betweens in moving goods from producers to consumers, such as wholesalers, retailers, and distributors |
| Wholesaler | A type of business that buys goods in large amounts, and resells them to other businesses in smaller lots |
| Retailer | A business that sells goods or services directly to the public |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.