Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
29 Cards in this Set
- Front
- Back
Business Organization
|
establishment formed to carry on commercial enterprise
|
|
commercial enterprise
|
firm to make profit
|
|
sole proprietorship
|
business owned and managed by a single individual
|
|
zoning laws
|
law in a city or town that designates separate areas for residency and for business
|
|
business license
|
authorization frrom the local government
|
|
liability
|
legally bound obligation to pay debts.
|
|
fringe benefits
|
payments to employees other than wages or salaries
|
|
partnership
|
business organization owned by two or more people
|
|
general partnership
|
partners share equally in both responsibility and liability
|
|
limited partnership
|
only one partner is required to be a general partner-to have unlimited personal liability for the firm
|
|
asset
|
meny and other valuables, (collateral)
|
|
corporation
|
legal entity, or being, owned by individual stockholders
|
|
stocks or shares
|
represent a stockholder's portion of ownership of a corporation
|
|
closely held corporation
|
issues stock to only a few people (often family)
|
|
publicly held corporation
|
buys and sells its stock on the open market (many shareholders)
|
|
certificate of incorporation
|
license to form a corporation issued by a state government
|
|
dividends
|
portion of the orporate profits paid to stockholders
|
|
horizontal mergers
|
join two or more firms competing in the same market with the same maret with the same good or service
|
|
vertical mergers
|
join two or more firms involved in different stages of producing the same good or service
|
|
conglomerates
|
business combination merging more than three businesses thatmake unrelated products
|
|
cooperative
|
a business organization owned and operated by a grooup of individuals fo their shared benefits
|
|
consumer cooperatives
|
retail outlets owned and operated by consumers-purchasing cooperatives-sell their goods to members at reduced prices
|
|
service cooperatives
|
procide a service, rather than goods
|
|
producer cooperatives
|
agricultural marketing cooperatives-help members sell their products
|
|
nonprofit organizations
|
function like business organizations-do not operate for profits-are exempt from federal incom taxes
|
|
business associations
|
promote the business interests of a city, state,or group of similar businesses
|
|
trade association
|
nenprofit organizations that promote the interests of particular industries
|
|
labor unions
|
an organized group of workers whose aim is to improeve working conditions, hours, wages and fringe benefits
|
|
professional organizations
|
work to improve the image, working conditions, and skill levels of people in particular
|