Buisness Chapter 6, 28 Terms
Sole proprietorship- A business owned by one person
Unlimited liability- the owner is responsible for the company's debt
Partnership- a business owned by two or more people
Corporation- a company that is registered by state and operates apart from its owners
Limited liability - holds a firm's owner responsible for no more than the capital that they have invested in it.
Cooperative- an organization that is owned and operated by its members
Nonprofit organization-an organization that focuses on providing services rather than making money.
Franchise- a contractual agreement to use the name and sell the products of a company in a designate geographic area.
Producer- a business that gathers raw goods.
Processor- changes raw materials into more finished products
Manufacturer- a business that makes finished products out of processed goods.
Intermediary- a baseness that moves goods from one business to another
Wholesaler- distributes goods.
Retailer- purchases goods from a wholesaler and sells them to consumers
Production- the process of creating, expanding, manufacturing, or improving goods or services.
Procurement- the buying and reselling of goods that have already been produced.
Marketing- the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
Management- the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.
Finance- the business or art of money management.
Accounting- maintaining and checking records, handling bills, and preparing financial reports for a business.
Sole- single
Income- amount of money made
Partners- people who work together
Regulates- controls
Distributes- spreads throughout
Tasks- jobs or goals
Function- production, procurement, marketing, management, finance, and accounting
Involves-
Unlimited liability- the owner is responsible for the company's debt
Partnership- a business owned by two or more people
Corporation- a company that is registered by state and operates apart from its owners
Limited liability - holds a firm's owner responsible for no more than the capital that they have invested in it.
Cooperative- an organization that is owned and operated by its members
Nonprofit organization-an organization that focuses on providing services rather than making money.
Franchise- a contractual agreement to use the name and sell the products of a company in a designate geographic area.
Producer- a business that gathers raw goods.
Processor- changes raw materials into more finished products
Manufacturer- a business that makes finished products out of processed goods.
Intermediary- a baseness that moves goods from one business to another
Wholesaler- distributes goods.
Retailer- purchases goods from a wholesaler and sells them to consumers
Production- the process of creating, expanding, manufacturing, or improving goods or services.
Procurement- the buying and reselling of goods that have already been produced.
Marketing- the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
Management- the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.
Finance- the business or art of money management.
Accounting- maintaining and checking records, handling bills, and preparing financial reports for a business.
Sole- single
Income- amount of money made
Partners- people who work together
Regulates- controls
Distributes- spreads throughout
Tasks- jobs or goals
Function- production, procurement, marketing, management, finance, and accounting
Involves-