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Ch.8 business organizations
Terms in this set (28)
A business owned by one person
The owner is personally and fully responsible for all losses and debts of the business
A list of possessions or goods on hand.
situation in which a firm ceases to exist when an owner dies, quits, or sells the business
A business in which two or more persons combine their assets and skills
partnership in which partners share equally in both responsibility and liability
partnership in which only one partner is required to be a general partner
A business owned by stockholders who share in its profits but are not personally responsible for its debts
A document that gives the holder the right to organize settlements in an area
A share of ownership in a corporation.
owners of a corporation
The portion of corporate profits paid out to stockholders
Term used to describe the total amount paid in by stockholders for the shares they purchase.
A special type of stock whose owners, though not generally having a say in running the company, have a claim to profits before other stockholders do.
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
A company that develops a product concept and sells others the rights to make and sell the products.
A person who buys a franchise
A financial statement showing the revenue and expenses for a fiscal period.
the difference between total revenue and total expenses when total revenue is greater
a lessening in value
the difference between cash coming in and cash going out of a business
Combination of two or more companies into a single firm
a group of diverse companies under common ownership and run as a single organization
Institution that functions much like a business, but does not operate for the purpose of generating profits
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Process by which a union representing a group of workers negotiates with management for a contract
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