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14 Cards in this Set
- Front
- Back
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Sole Proprietorship |
Business owned and managed by a single individual. |
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Partnership |
Partners share equally in both responsibility and reliability. |
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Business Organization |
Establishment formed to carry on commercial enterprise. |
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Liability |
Legally bound obligation to pay debts. |
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Business Plan |
Document that describes an idea for a product or service and how it will make money. |
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Corporation |
Legal entity, owned by individual stockholders.
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Stock |
Represent a stock holders share of a company. |
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Horizontal Merger |
Combine 2 or more firms competing in the same market with the same good or service. Ex- ATT buys Direct TV |
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Vertical Merger |
Combine 2 or more firms involved in different stages of producing the same good or service. Ex- General Motors buys Goodyear Tires |
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Conglomerate |
Business combination merging more than 3 businesses that make unrelated products. Ex- Disney, Pepsi Co |
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Multinational |
Large corporations headquartered in one country that have subsidiaries around the world. Ex- Pepsi Co |
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Franchise |
Semi independent business that pays fees to parent company in return for exclusive right to sell a certain product or service in a given area. |
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Cooperative |
Business organization owned and operated by a group of individuals for their shared benefit. Ex- Texas Trust |
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Non Profit Organization |
Institutions that functions that business organizations, but do not operate for profit. Ex- Goodwill, Red Cross |
