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Chapter 6

QuestionAnswer
sole proprietorship is a business owned by one person
Unlimited Liability the owner is responsible for the company's debts
Partnership is a business owned by two or more people who share its risks and rewards
corporation is a company that is registered by a state and operates apart from it owners
limited liability holds a firm owners responsible for no more than the capital that they have invested in it
Cooperative Is an organization that is owned and operated by it members
Nonprofit organazition type of organization that focus on providing a service, but not to make a profit
Franchise is a contractual agreement to use the name and sell the products or service of a company in a designated area
Producer is a business that gathers raw goods
Processor changes raw materials into more finished products
Manufacturer is a business that makes finished products out of processed goods
intermedairy is a business that moves goods from one business to another
wholesaler distributes goods
retailer purchases goods from a wholesaler and sells them to consumers, the final buyer of the goods
production is the process of creating, expanding, manufacturing, or improving goods and services
procurment is the buying and reselling of goods
Marketing is the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services
Managemant is the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resource
Finance is the business or art of money managemant
Accounting involves maintaining and checking records, handling bills, and preparing financial reports for a business
Created by: 555618
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