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30 Cards in this Set
- Front
- Back
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Business organization
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An establishment formed to carry on commercial enterprise
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Sole Proprietorship
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A business owned and managed by a single individual
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Business license
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Authorization to start a business issued by the local government
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Zoning law
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Law in a city or town that designates separate areas for residency and for business
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Liability
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The legally bound obligation to pay debts
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Fringe benefit
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A payment other than wages or salaries
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Partnership
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A business organization owned by two or more persons who agree on a specific division of responsibilities and profits
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General partnership
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In which partners share equally in both responsibility and liability
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Limited partnership
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In which only one partner is required to be a general partner
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Limited liability partnership
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In which all partners are limited partners
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Article of parternship
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A parternship agreement
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Uniform parternship act
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Act ordering common owernship interests,profit and loss sharing, and shared management responsibilities in a parternship
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Assets
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Money and other valuables belonging to an individual or business
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Corporation
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A legal entity owned by individual stockholders
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Stock
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A certificate of ownership in a corporation
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Closely held corportion
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That issues stock to only a few people, often family members
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Public held corporation
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That sells stock on the open market
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Bond
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A formal contract to repay borrowed money with interest at fixed intervals
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Certificate of incorporation
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License to form a corporation issued by state government
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Dividend
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The portion of corporate profits paid out to stockholders
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Horizontal merger
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The combination of two or more firms competing in the same good or service
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Vertical merger
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The combination of two or more firms involved in different stages of producing the same good or service
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Conglomerate
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Business combination merging more than three businesses that make unrelated products
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Multinational corporation
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Large corporation that produces and sells its goods and services throughout the world
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Royalty
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Share of earnings given as payment
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Cooperative
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A business organization owned and operated by a group of individuals for their mutual benefit
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Consumer cooperative
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Retail outlet owned and operated by consumers
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Service coorperative
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That provides a services,rather than a good
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Labor force
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All nonmilitary people who are employed or unemployed
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Contingent employment
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Temporary or part-time job
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