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33 Cards in this Set
- Front
- Back
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Sole Proprietorship
/proprietorship |
a business owned and run by one person
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unlimited liability
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the owner is personally and fully responsible for all losses and debts of the business
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inventory
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stock of finished goods and parts in reserve
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limited life
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A firm that legally ceases to exist when the owner dies, quit, or sells the business
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partnership
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A business jointly owned by two or more persons
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Bankruptcy
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A court- granted permission to an individual or business to cease or delay debt payment
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corporation
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A form of business organization recognized by law as a separate legal entity having all the rights of an individual
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charter
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A government document that gives permission to create a corportion
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stock
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Ownership certificates in a firm
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stockholder/shareholder
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An investor who owns stock
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dividend
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A check representing a portion of the corporate earning
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bond
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A written promise to repay a loan at a later date
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principal
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An amount of borrowed money
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interset
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The price paid for the use of another's money
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limited partnership
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The investor's responsibility for the debts of the business is limited by the size of his or her investment in the firm
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merger
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A combination of two or more business to form a single firm
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income statement
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a report showing a business's sales , expenses ad profits for a certain period
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net income
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Revenues minus expenses and taxes
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depreciation
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A non-cash charge the firm takes for the general wear and tear on its capital goods
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cash flow
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the sum of net income and the non cash charges such as depreciton
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horizontal merger
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the kind of merger in which two or more firms that produce the same kind of product join forces
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vertical merger
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the kind of merger in which firms involved in different steps of manufacturing or marketing joining together
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conglomerate
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A firm that has at least four businesses, each making unrelated products, none of which is responsible for the majority of the firm's sales
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multinational
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A corporation that has manufacturing or service operations in a number of different countries
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nonprofit organization
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An organization that operates in a businesslike way to promote the collective interests of its members rather than gain for its owner
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cooperative/ co-op
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a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
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credit union
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an financial organization that accepts deposits form, and make loans to employees from a particular company or government
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labor union
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An organization or workers formed to represent its members
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collective bargaining
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union negotiations with management over issues such as pay, working hours health care coverage
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professional association
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A group of people in a speciailized occuption that works to improve the working conditons
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chamber of commerce
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an orgaization that promates the welfare of its members
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better business bureau
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a nonprofit organtion sponsored by local business to provide general infortation on companies
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public utilty
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invesor- or municipal owned company that offers an important product
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