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Civics Vocab Review

STUDY
PLAY
Sole Proprietorship
A business owned and operated by a sole person.
Unlimited Liability
Biggest disadvantage to a sole proprietorship.
Financial Capital
The money needed to run a business or enable it to grow larger.
Partnership
A business that two or people own and operate.
Articles of Partnership
A legal agreement between partners.
Corporation
An organized business recognized by law that has many of the rights and responsibilities of an individual.
Charter
A government document granting permission to organize.
Stock
Ownership shares of the corporation.
Stockholders
Owners of a corporation (Shareholders)
Board of Directors
Group elected by stockholders to run a corporation.
Limited Liability
Advantage to corporations.
Double taxation
Paying taxes twice on corporate profits.
Cooperative
A voluntary association of people formed to carry on an economic activity that benefit its members.
Labor Union
Groups of workers who band together to have a better chance to obtain higher pay and better working conditions.
Closed Shop
Workers must be union members to get hired.
Union Shop
Workers must join union after they get hired.
Right to Work Laws
Prevent mandatory union membership required by the union shop.
Modified Union Shop
Workers may join union but cannot be forced.
Collective Bargaining
Union leaders and business leaders meet and negotiate contracts, discuss salary, benefits, holidays, vacation, breaks, length of workday, etc.
Mediation
Third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise.
Arbitration
A third party listens to both sides, then decides to settle the dispute.
Strike
Work stoppage initiated by the workers' union.