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