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Chapter 9
Entrepreneurs and Business Organizations
14
Economics
9th Grade
05/18/2009

Additional Economics Flashcards

 


 

Cards

Term

 

 

 

Sole Proprietorship

Definition

 

 

 

A business owned and managed by one person

Term

 

 

 

Liability

 

Definition

 

 

 

the legal responsisbiltiy to repay debts and to pay for damages resulting from a lawsuit

Term

 

 

 

Partnership

Definition

 

 

 

a business owned by 2 or more co owners who share profits from the business and are legally responsible for the business's debts

Term

 

 

 

Corporation

Definition

 

 

 

 

a business owned by shareholders who have limited liability for a firm's debts, becuase it is considered a legal entity, a corporation can conduct business affairs in its name

Term

 

 

 

Multi- National Corporation

Definition

 

 

 

A corporation that does business in more than one country

Term

 

 

 

Business Franchise

Definition

 

an arrangement in which a parent company or franchiser, distributes its products or services through independently owned outlets.  The outlet owners or franchisees pay for the exclusive right to use the parent company's trade name and sell its products to provide its services

Term

 

 

 

Cooperative

Definition

 

 

 

a business organization that is jointly owned and operated by a group of individuals for their mutual benefit

Term

 

 

 

Non Profit Organization

Definition

 

 

 

an organization that functions like a business but does not operate to make a profit

Term

 

 

 

Business License/Business Permit

Definition

 

 

 

Legal document that allows a business to be conducted in that city or town

Term

 

 

 

Zoning Permit

Definition

 

 

 

Designated areas in a city or town for specific business purposes

Term

 

 

 

Limited Liability Company

Definition

 

 

 

the business owner's liability is limited to the owner's investment in the company

Term

 

 

 

Venture Capital

Definition

 

 

 

money used to invest in new business

Term

 

 

 

Chief Executive Officer

Definition

 

 

 

Hishest ranking person in charge of managing a corporation

Term

 

 

 

Trademark

Definition

 

 

 

legally registered name or symbol that identifies a firm and its product or services

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