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25 Cards in this Set

  • Front
  • Back

1. A_____joins two firms in the same industry.

horizontal merger

2. A legal form of business with two or more owners is a_______________.

partnership

3. A________is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and to sell a product or service to others in a given territory.

franchise agreement

4. In a(n)______________one company purchases the property and obligations of another company.

acquisition

5. Limited partners and shareholders have _____________because they are only responsible for the losses of a business up to the amount they invest.

limited liability

6. This unique government creation called a(n) ______________ looks like a corporation but is taxed like sole proprietorships and partnerships.

S corporation

7. A______________ is a company that develops a product concept and sells others the rights to make and sell the products

Franchisor

8. A business proposition that joins firms in completely unrelated industries is called a(n) _______________.

conglomerate merger

9. An agreement such as a(n) _____________ is a partnership with one or more general partners and one or more limited partners.

limited partnership

10. A (n)______________________ looks much like a corporation in that it acts like a corporation and is traded on a stock exchange but is taxed like a partnership and thus avoids corporate income tax.

Master limited partnership (MLP)

11. A legal entity with authority to act, a(n) _______________has liability separate from its owners.

corporation

12. The result of two firms forming one company is a ___________.

Merger

13. A _________ is a person who buys a franchise.

Franchisee

14. A partner is called a___________ when she has invested money in a business but does not have any management responsibility or liability for losses beyond the investment.

Limited partner

15. A company that is similar to an S corporatior; but without the special eligibility requirement


is called a (n)______________.

Limited liability company (LLC)

16. A partner who has unlimited liability is called a________ and is active in managing the firm.


general partner

17. A __________________ is a business that is owned and controlled by the people who use it:


producers, consumers or workers with similar needs who pool their resources for mutual gain.

cooperative

18. A partnership is called a(n)___________ when all owners share in operating the business and in assuming liability for the business's debts.

General Partnership

19. An attempt by employees, management, or a group of investors to purchase an organization


primarily through borrowing is called a(n)_________________.

Leverage buyout (LBO)

20. A ____________is the right to use a business name and to sell a product or service in a given territory.

franchise

21. In the business venture known as a(n) _____________ two companies which are involved in different stages of related businesses join together.

Vertical Merger

22. A business that is owned, and usually managed, by one person is a____________.

sole proprietorship

23. This concept of _________ means that business owners are responsible for all of the debts of a business.

unlimited liability

24. A____________ is one that limits partners' risk of losing their personal assets to only their


own acts and omissions and to the acts and omissions of people under their supervision.

Limited liability partnership(LLP)

25. A state-chartered legal entity with authority to act and have liability separate from its owners is a________________.

Conventional (C) Corporation