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AP Econ CH 3
Terms in this set (25)
What is a business run by one person?
What is a business jointly owned by two or more persons?
What is a type of business in which all partners are involved in the management and finances?
What is a firm that legally ceases to exist when the owner dies, quits, or sells the business called?
What type of business has least one partner not involved in management?
What document spells out how the partners divide up the profits or losses?
Articles of the partnership
What is a business organization recognized by law as a separate legal entity with all the rights of an individual?
Who regulates interest rates and utility rates?
Federal and state governments
What is added into net income to get cash flow?
What is total sales with all expenses, taxes, and depreciation subtracted?
What happens when firms merge?
one gives up its separate legal identity
Why would a company merge with another?
to grow faster; become more efficient; acquire or deliver a better product; eliminate a rival; or change its image.
What is the joining of firms that make the same product?
What is is the joining of firms involved in different stages of manufacturing or marketing?
What is is composed of four or more businesses, each making unrelated products?
What is a corporation with manufacturing and service operations in several countries
What is in business to promote its members collective interests, not to seek financial gain.
What is a voluntary association of people who carry on an economic activity that benefits its members.
What buys food and other necessities in bulk for its members
What offers services to its members at lower rates
What helps members, such as farmers, promote or sell their products
What role is the government playing when it regulates public utilities or when it grants money to people in the form of Social Security and student financial aid
What plays a direct role in the economy when its agencies produce and distribute goods and services to consumers
What is an ownership certificate in a firm
What is A written promise to repay a loan at a later date
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