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a business owned and managed by a single indivudal

sole proprietorship

an authorization from the local government to carry on an enterprise

business license

an arrangement whereby cities and towns designate separate areas for businesses

zoning law

the legal obligation to pay debts


a payment to employees other than wages or salaries

fringe benefit

any establishment formed to carry on commercial enterprise is a

business organization

all of the following are major advantages of a sole proprietorship except

unlimited personal liability

if a sole proctorship fails, the owner of the business

must pay all the business debts

a major disadvantage of the sole proprietorship is that

banks are often unwilling to lend money to the business

a major advantage of a sole proprietorship is that

the owner is completely responsible for the business decisions

a business in which all partners share in both responsibility and liability

general partnership

a business in which all partners are limited from person liability in certain situations

limited liability partnership

a business in which only one person had unlimited personal liability for the business's actions

limited partnership

a state law that established rules for partnerships

Uniform Partnership Act

a legal agreements that sets out each partner's right and responsibilities in a particular partnership

articles of partnerships

What percentage of all businesses are partnerships?

7 percent

what is a major advantage of a business that is a partnership rather than a sole proprietorship?

the responsibility for the business is shared

what is the difference between a limited partnership and limited liability partnership?

in limited liability partnership, all members are limited from liability in some situations

What are assets

money and other valuable s

How is a general partnership organized?

Every partner shares equally in both responsibility and liability

portion of corporate profits paid out to stockholders


joining of two or more firms competing in the same market with the same good or service

horizontal merger

combination of more than three businesses that make unrelated products


share representing a portion of ownership in a company


certificate issued by a corporation promising to repay the amount is had borrowed


What is a certificate of incorporation

a license to form a corporation issued by the state government

what defines a corporation

a business owned by individual stockholders

what percentage of the net income earned in the United States is generated by corporations

70 percent

what is the term for the going of two or more firms invalid in different staged of producing the same good or service?

vertical merger

What does the limited lability of the owners of stock in corporation mean?

the stockholders of a corporation can lose only what they have invested in corporation

a retail outlet and operated by its members

consumer cooperative

a nonprofit organization that promotes the interest of a particular industry

trade association

a semi-independent business that pays fees to a parent company for exclusive rights to do business in a certain area

business franchise

organization such as museums, the Red Cross, and churches that promote a benefit to society

nonprofit organizations

an agricultural marketing organization that helps members sell their products

producer cooperative

an organization that attempts to improve the image and working conditions of people in a particular occupation is a

professional organization

the share of earnings that a business owner pays for the right to be part of a certain business are


the function of a retail or purchasing cooperative business or co-op is to

obtain lower prices for members

all of the following are disadvantages of a franchise business except

the parent company's guidance on running the business

a common factor in all nonprofit businesses is that they

pay no income tax

the theory that education increases productivity and results in higher wages

learning effects

the theory that the completion of college indicated to employees that a job applicant is intelligent and hard working

screening effect

temporary jobs or part time jobs

contingent employment

Which of the following jobs was held by most working in the United States at the founding of the country

farm workers

Why are U.S. firms moving manufacturing jobs overseas

labor cost less overseas

what percentage of adult women are in the work force today

60 percent

what is on reason many firms hire temporary workers to do a particular job

flexible work arrangements

how have the earning of U.S. workers changed over the last 20 years

wages of college graduated only have gone up

what percentage of tots compensation in the U.S. economy today is composed of benefits

28 percent

which of the following jobs is expected to double in the next few years

computer engineer

all nonmilitary people who are employed or unemployed

labor force

the wages that produce neither an excess supply of workers nor an excess demand for workers in laborer markets

equilibrium wage

an unofficial barrier that prevents woman and minorities from advancing in business

glass ceiling

the practice of negotiating labor contracts that keep unnecessary workers on company's payroll


what is the basic economic principle that decided how high wages will be?

supply and demand control wages

what is one strategy that employers used to continue to do business despite high ages

replace some of the workers with machines

what factors can affect wages

all of the above

which of the following is generally considered to be a skilled worker


how does the pay level of men compare to women?

women earn about 75 percent of what meant earn

what is generally one of the major differences between union and nonunion workers?

union workers earn more money for similar work

the process by which union and company representatives meet to negotiate and form new labor contacts

collective bargaining

a settlement technique in which a third party review the case and imposes a legally binding decision


an organization of workers that tries to improve working conditions, wages, and benefits for its members

labor union

an organized work stoppage intended to force employer to address union demand


a measure that bans mandatory union membership

right-to-work law

what is generally the difference between blue-collar workers and white-collar workers

blue workers have industrial jobs; white have professional or clerical jobs

which legislation enacted in 1847 may have been a reason for decline in union membership

the Taft-Hartley Act

what is one of a labor union's primary goals

to make decisions about the workplace

what is considered a negative impact caused by a strike

all of the above

what has been the pattern of union membership in recent years

growth of public sector unions only

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