Term
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Intro To Business U6
Term | Definition |
---|---|
Sole Proprietor ships | A business owned by one person |
Partnerships | A business owned by two or more people who share its risks and rewards |
Corparations | A company that is registered by a state and operates apart from its owner |
Liability | a company's legal financial debts or obligations that arise during the course of business operations |
Unlimited Liability | The owner is responsible for the company's debts |
Limited Liability | A firm's owners responsibility for no more than the capital that they have invested in it |
Cooperative | An organization that is owned and operated by its members |
Producer | A business that gathers raw goods |
Processor | A business that changes raw materials into more finished products |
Manufacturers | A business that makes finished products out of processed goods |
Intermediary | A business that moves goods from one business to another |
Wholesaler | Distributes goods |
Retailer | A business that purchases goods from a wholesaler and sells them to consumers |
Production | The process of creating, expanding, manufacturing, or improving goods and services |
Procurement | The buying and reselling of goods and services 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, directing, 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 |