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Business Chap. 6
Vocabulary words for Chap. 6
13
Other
Not Applicable
10/07/2005

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Term
Board of Directors
Definition
A group of people elected by shareholders to guide a corporation.
Term
Certificate of incorporation
Definition
A document, generally issued by a state government, giving permission to start a corporation.
Term
Cooperative
Definition
A business that is owned by the members it serves and is managed in their interest.
Term
Corporation
Definition
A business made up of a number of owners but authorized by law to act as a single person.
Term
Dividend
Definition
The part of the profits of a corporation that each shareholder receives.
Term
Franchise
Definition
A written contract granting permission to sell someone else's product or service in a prescribed maner, over a certain periodof time, and in a specified area.
Term
Franchisee
Definition
The person or group of people who have received permission from a parent company to sell its products or services.
Term
Franchisor
Definition
The parent company that grants perission t a person or group to sell its products or services.
Term
Municipal Corporation
Definition
An organization that provides services for citizens with revenue from their taxes and does not have earning a profit as a goal.
Term
Partnership
Definition
An association of two or more people operating a business as co-owners and sharing profits or losses according to a written agreement.
Term
Shareholder
Definition
Person who owns stock in a corporation.
Term
Sole Proprietorship
Definition
A business owned by one person.
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