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16 Cards in this Set
- Front
- Back
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sole proprietorship/ proprietorship |
A business owned and run by one person |
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Unlimited liability |
Owner is personally and fully responsible for all losses and debts of the business |
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Inventory |
A stock of finished goods and parts in reserve |
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limited life |
A firm that legally ceases to exist when owner dies, quits or sells the business |
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partnership |
A business jointly owned by two of more people |
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limited partnership |
The investors responsibility for the debts of the business is limited by the size of his or her investment in the firm |
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bankruptcy |
A court-granted permission to an individual or business to cease or delay debt payments |
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corporation |
A form of business organization recognized by law as a separate legal entity having all the rights of an individual |
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charter |
A government document that gives permission to create a corporation |
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stock |
Ownership certificates in a firm |
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stockholders/ shareholder |
An investor who owns stock |
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dividend |
A check representing a portion of the corporate earnings |
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bond |
A written promise to repay a loan at a later date |
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principal |
An amount borrowed of money |
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interest |
The price paid for the used of anothers money |
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double taxation |
The taxing of stockholders dividends as a corporate profit and again as a personal income |
