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34 Cards in this Set
- Front
- Back
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sole proprietorship |
a business owned and run by one person |
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unlimited liablility |
owner is fully and personally responsible for all losses and debts of the company
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inventory |
a stock of finished goods
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limited life |
the owner dies, the business dies
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partnership |
a business jointly owned by two or more persons |
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limited partnership |
unequal split
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banktruptcy |
cease or delay debt payments
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corporation |
form of business organization recognized by law as a seperate legal entity having all the rights of an individual
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charter |
govt document that gives permission to create a corporation
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stock |
ownership certificates
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stockholder |
people who own stocks
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divedend |
a check representing a share of corporate earnings |
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bond |
written promise to pay back borrowed money
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pricipal |
amount borrowed
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interest |
price paid for the use of anothers money
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double taxation |
stockholders dividends are taxed twice
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merger |
combination of two or more businesses |
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income statement |
report showing a businesses sales, expenses, and profits for a period of time
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net income |
subtracting all expenses from revenues
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depreciation |
non cash charge the firm takes for the general wear and tear on capital goods
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cash flow |
the sum of net income and non cash charges
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horizontal merger |
two or more firms making the same product combine
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vertical merger |
two or more firms in different stages of manufactuing combine
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conglomerate |
four or more firms producing different products combine
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multinational |
coorporation that has manufacting or service operations in another country |
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nonprofit organization |
operates in a business like way to promote collective interests of its members rather than seek profit |
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cooperative |
voluntary association of people formed to carry on some kind of economic activity that will benefit its members
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credit union |
a financial organization that accepts deposits from and makes loans to employees of a sertain company or govt agency
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labor union |
organization of workers formed to represent its members interests in various employment matters
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collective bargaining |
negotiations with management over issues such as pay, working hours, health care coverage etc
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professional association |
a group of people in a specialized occupation that woks to improve the working conditions, skill levels and public perceptions of the perfession
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chamber of commerce |
promotes the welfare of its members and of the community
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better business bureau |
non profit organization sponsered by local businesses to provide general information on companies
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public utility |
investor or municipal owned that offer important products to the public |
