Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

14 Cards in this Set

  • Front
  • Back
What is a sole proprietorship?
A business owned by ONE person.
What is a partnership?
A business owned and managed by a small group, often not more than two or three people, who become partners.
What is a corporation?
A business owned by a number of people and operated under written permission from the state in which it is located.
What is a certificate of incorporation?
The written permission needed for a corporation to own a business.
What are shareholders?
Stockholders, or people who own shares of stock.
What are the five things needed in managing a successful business?
What is a board of directors?
A group with the responsibility to guide the operations of a corporation.
What is a dividend?
The part of the profits that each shareholder receives.
What is a franchise?
A written contract granting permission to sell someone else's product or service in a prescribed manner.
What is a franchisee?
A person or a group that receive the franchise from a parent company to sell its products or services.
What is a franchisor?
The parent company granting the franchise.
What is a consumers' cooperative?
An organization of consumers who buy goods and services more cheaply together than each person could individually.
What is a producers' cooperative?
Usually a farmers' organization that markets products such as fruit, vegetables, milk, and grains.
What is a municipal corporation?
An incorporated town that has its own officials, its own schools, its own police and fire department, and provides street repairs, street lighting, and other services for its citizens.