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29 Cards in this Set
- Front
- Back
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Manufacturing business |
• produces goods from raw materials • then sells to retailers Ie. Linamar |
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Retail business |
• buys goods and resells them to consumers Ie. Ron wilkins |
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Service business |
Provides a service to satisfy the wants or needs of consumers Ie. First Choice Hiarcutters |
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Franchiser |
A party in a franchising enterprise that owns the rights, trademarks of the business |
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Franchisee |
•business that licenses it's name and operating producer •sells to franchisee |
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Sole proprietorships |
Business owned by 1 person |
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Unlimited liability |
Owners personal assets may be claimed to cover unpaid debts by the business |
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Partnership |
•business owned by 2 or more people •partners either have limited or unlimited liability |
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Cooperative |
•business owned by the members •motive is service not only profit |
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Limited partnership |
Partners have limited liability |
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Limited liability |
Where a person's financial liability is limited to a fixed sum |
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Corporation |
Business owned by shareholders |
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Stock/share |
•A peice of ownership of a company •One individual peice of stock |
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Stockholder/shareholder |
•a shareholder •individuals who buy shares and become owners. They meet annually to elect a board of directors |
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Board of directors |
A group of people that are elected as representatives of the stockholders |
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Dividend |
Profit paid out to shareholders |
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Private coorporation |
Shares are not traded on the stock exchange |
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Stock exchange |
A market where stocks are bought and sold |
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Public corporation |
Shares in the corporation are publicly traded on the stock exchange |
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Crown corporation |
Is commercially owned by the government |
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Profit |
The income left after expenses are paid Profit = revenue - expenses |
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Revenue |
All sales made and services performed by the business |
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Expenses |
All money spent on running the business |
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Solvent |
If a business is solvent it can pay it's debts and meet financial obligations |
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Break even |
When no profit is earned |
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Types of industries |
Primary Secondary Tertiary |
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Primary industries |
•take raw material from the land or water Ie. Fishing, hunting |
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Secondary industries |
•manufactures raw material into finished products Ie. Factory |
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Tertiary industries |
•provide services to consumers and businesses •involves selling or using products produced by secondary industries Ie. Government services, hairdresser |
