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34 Cards in this Set
- Front
- Back
Sole proprietorship |
A business owned and managed by a single individual |
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business organization |
The ownership structure of a company or firm |
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Business license |
Authorization to operate a business issued by a local government |
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Zoning laws |
Laws In a city or town that designate certain areas, or zones, for residential and business use |
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Liability |
The legal obligation to pay debts |
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Fringe benefits |
Payments to employees other than wages or salary |
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Partnership |
A business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
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general partnership |
A type of partnership in which all Partners share equally in both responsibility and liability |
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Limited partnership |
A type of partnership in which only one partner is required to be a general partner |
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Limited liability partnership |
A type of partnership in which all partners are limited partners |
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Articles of partnership |
A partnership agreement that spells out each partner's rights and responsibilities |
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Assets |
The money and other valuables belonging to an individual or business |
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Business franchise |
A semi - independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
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Royalties |
The share of earnings given by a franchisee as payment to the franchiser |
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Corporation |
A legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm's debts |
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Stock |
A certificate of ownership in a corporation |
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Closely held Corporation |
A type of corporation that issue stock to only a few people, who are often family members |
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Publicly held Corporation |
A type of corporation that sells stock on the open market |
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Bond |
A formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
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Certificate of Incorporation |
A license to form a corporation issued by a state government |
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Dividend |
The portion of corporate profits paid out to stockholders |
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Limited liability Corporation |
A type of business with limited liability for the owners, with the advantage of not paying corporate income tax |
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Horizontal merger |
The combination of two or more firms competing in the same market with the same good or service |
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Vertical merger |
Two or more firms involved in different stages of producing the same good or service |
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Conglomerate |
A business combination merging more than three businesses that produce unrelated products or services |
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Multinational corporation |
A large corporation that produces and sells its goods and services in more than one country |
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Cooperative |
A business organization owned and operated by a group of individuals for their shared benefit |
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Consumer cooperative |
A retail outlet owned and operated by consumers that sells merchandise to members at reduced prices |
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Service cooperative |
A type of cooperative that provides a service rather than a good |
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Producer cooperative |
An agricultural marketing cooperative that helps members sell their products |
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Nonprofit organization |
An institution that functions much like a business, but does not operate for the purpose of generating profit |
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Professional organization |
A nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations |
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Business association |
A group organized to promote the collective business interests of an area or group of similar businesses |
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Trade association |
Nonprofit organizations that promote the interests of particular industries |