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Sole Proprietorship
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ECO Topic 5 Vocab
ECO Topic 5 Lessons 1,2,3 & 7 Pearson Realize
| Term | Definition |
|---|---|
| Sole Proprietorship | A business owned and managed by a single individual |
| Business Organization | The ownership structure of a company or firm |
| Business License | Authorization to operate a business issued by a local government |
| Zoning Laws | Laws in a city or two that designate certain areas, or zones, for residential and business use |
| Liability | The legal obligation to pay debts |
| Fringe Benefits | Payments to employees other than wages or salary |
| Partnership | A business organization owned by two or more persons who agree on a specific division of responsibilities and profits |
| General Partnership | A type of partnership in which all partners share equally in both responsibility and liability |
| Limited Partnership | A type of partnership in which all partners are limited partners |
| Articles of Partnership | A partnership agreement that spells out each partner's rights and responsibilities |
| Assets | The money and other valuables belonging to an individual or business |
| Business Franchise | A semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area |
| Royalties | The share of earnings given by a franchisee as payment to the franchiser |
| Corporation | A legal entity, owned by individual stockholders, each of who has limited liability for the firm's debts |
| Stock | A certificate of ownership in a corporation |
| Closely Held Corporation | A type of corporation that issues stock to only a few people, who are often family members |
| Publicly Held Corporation | A type of corporation that sells stock on the open market |
| Bond | A formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals |
| Certificate of Incorporation | A license to form a corporation issued by a state government |
| Dividend | The portion of corporate profits paid out to stock holders |
| Limited Liability Corporation | A type of business with limited liability for the owners, with the advantage of not paying corporate income tax |
| Horizontal Merger | The combination of two or more firms competing in the same market with the same good or service |
| Vertical Mergers | Two or more firms involved in different stages of producing the same good or service |
| Conglomerate | A business combination merging more than three businesses that produce unrelated products or services |
| Multinational Corporation | A large corporation that produces and sells its goods and services in more than one country |
| Strike | An organized work stoppage intended to force an employer to address union demands |
| Right-to-Work Law | A measure that bans mandatory union membership |
| Blue-Collar Worker | Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage |
| White-Collar Worker | Someone who works in a professional or clerical job and who usually earns a weekly salary |
| Collective Bargaining | The process in which union and company management meet to negotiate a new labor contract |
| Mediation | A settlement technique in which a neutral person, the mediator, meets with each side to find a solution to both sides will accept |
| Arbitration | A settlement technique in which a neutral third party listens to both sides and then imposes a decision that is legally binding for both company and the union |
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cwarsing
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