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29 Cards in this Set
- Front
- Back
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Business Organization
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establishment formed to carry on commercial enterprise
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commercial enterprise
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firm to make profit
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sole proprietorship
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business owned and managed by a single individual
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zoning laws
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law in a city or town that designates separate areas for residency and for business
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business license
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authorization frrom the local government
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liability
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legally bound obligation to pay debts.
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fringe benefits
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payments to employees other than wages or salaries
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partnership
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business organization owned by two or more people
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general partnership
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partners share equally in both responsibility and liability
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limited partnership
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only one partner is required to be a general partner-to have unlimited personal liability for the firm
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asset
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meny and other valuables, (collateral)
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corporation
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legal entity, or being, owned by individual stockholders
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stocks or shares
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represent a stockholder's portion of ownership of a corporation
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closely held corporation
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issues stock to only a few people (often family)
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publicly held corporation
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buys and sells its stock on the open market (many shareholders)
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certificate of incorporation
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license to form a corporation issued by a state government
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dividends
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portion of the orporate profits paid to stockholders
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horizontal mergers
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join two or more firms competing in the same market with the same maret with the same good or service
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vertical mergers
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join two or more firms involved in different stages of producing the same good or service
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conglomerates
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business combination merging more than three businesses thatmake unrelated products
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cooperative
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a business organization owned and operated by a grooup of individuals fo their shared benefits
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consumer cooperatives
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retail outlets owned and operated by consumers-purchasing cooperatives-sell their goods to members at reduced prices
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service cooperatives
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procide a service, rather than goods
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producer cooperatives
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agricultural marketing cooperatives-help members sell their products
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nonprofit organizations
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function like business organizations-do not operate for profits-are exempt from federal incom taxes
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business associations
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promote the business interests of a city, state,or group of similar businesses
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trade association
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nenprofit organizations that promote the interests of particular industries
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labor unions
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an organized group of workers whose aim is to improeve working conditions, hours, wages and fringe benefits
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professional organizations
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work to improve the image, working conditions, and skill levels of people in particular
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