Shared Flashcard Set

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Business Ownership
vocab
15
Business
11th Grade
03/16/2017

Additional Business Flashcards

 


 

Cards

Term
Corporation
Definition
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Term
Limited Liability
Definition
A persons financial is limited to a fixed sum
Term
franchise
Definition
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.
Term
intermediaries
Definition
a person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator.
Term
manufacturers
Definition
company that makes a product
Term
nonprofit
Definition
not making or conducted primarily to make a profit.
Term
service
Definition
intangible products, such as accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, and transportation services.
Term
partnership
Definition
A legal form of business operation between two or more individuals who share management and profits.
Term
processors
Definition
someone who processes things
Term
producers
Definition
someone who creates and supplies goods and services (combine labor and capital)
Term
retailer
Definition
a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
Term
sole proprietorship
Definition
unincorporated business owned and run by one individual with no distinction between the business and the owner
Term
stock
Definition
the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
Term
unlimited liability
Definition
Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.
Term
wholesaler
Definition
a person or company that sells goods in large quantities at low prices, typically to retailers.
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