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20 Cards in this Set
- Front
- Back
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sole proprietorship
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business owned by one person
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unlimited laibiltiy
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owner is responsible for the companies debts
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partnership
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business owned by two or more people who share its risks and rewards
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corporation
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company that is registered by a state and operates apart from its owners
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limited liability
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holds a firms owners responsible for no more than the capital that they have invested in.
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cooperative
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organization that owned and operated by its memebers
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nonprofit organization
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or nonprofit is a type of organization that focuses on providing a service but not to make a profit.
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franchise
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contractual agreement to use the name and sell the products or services of a company uin a designated geographic area.
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producer
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a business that gathers raw goods
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processor
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changes raw material into more finished products
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manufacturer
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a business that makes finished products out of processed goods
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intermediary
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moves goods from one business to another
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wholesaler
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distributes goods
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retailer
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purchases goods from a whole saler and sells them to customers
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production
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creating, expanding, manufacturing or improving goods and services
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procurement
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the buying and reselling of goods that have already been produced
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marketing
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process og planning, promoting, selling, and distributing goods
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management
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process of achieving company goals by planning organizing leading comtrolling and evaluating the effective use of resources
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finance
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the business of art of money management
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accounting
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maintaining and checking records, handluing bills, and preparing financial reports for a business
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