ECO Topic 5 Lessons 1,2,3 & 7 Pearson Realize
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Sole Proprietorship | A business owned and managed by a single individual
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| Business Organization | The ownership structure of a company or firm
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| Business License | Authorization to operate a business issued by a local government
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| Zoning Laws | Laws in a city or two that designate certain areas, or zones, for residential and business use
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| Liability | The legal obligation to pay debts
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| Fringe Benefits | Payments to employees other than wages or salary
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| Partnership | A business organization owned by two or more persons who agree on a specific division of responsibilities and profits
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| General Partnership | A type of partnership in which all partners share equally in both responsibility and liability
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| Limited Partnership | A type of partnership in which all partners are limited partners
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| Articles of Partnership | A partnership agreement that spells out each partner's rights and responsibilities
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| Assets | The money and other valuables belonging to an individual or business
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| 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
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| Royalties | The share of earnings given by a franchisee as payment to the franchiser
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| Corporation | A legal entity, owned by individual stockholders, each of who has limited liability for the firm's debts
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| Stock | A certificate of ownership in a corporation
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| Closely Held Corporation | A type of corporation that issues stock to only a few people, who are often family members
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| Publicly Held Corporation | A type of corporation that sells stock on the open market
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| Bond | A formal contract issued by a corporation or other entity that includes a promise to repay borrowed money with interest at fixed intervals
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| Certificate of Incorporation | A license to form a corporation issued by a state government
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| Dividend | The portion of corporate profits paid out to stock holders
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| Limited Liability Corporation | A type of business with limited liability for the owners, with the advantage of not paying corporate income tax
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| Horizontal Merger | The combination of two or more firms competing in the same market with the same good or service
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| Vertical Mergers | Two or more firms involved in different stages of producing the same good or service
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| Conglomerate | A business combination merging more than three businesses that produce unrelated products or services
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| Multinational Corporation | A large corporation that produces and sells its goods and services in more than one country
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| Strike | An organized work stoppage intended to force an employer to address union demands
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| Right-to-Work Law | A measure that bans mandatory union membership
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| Blue-Collar Worker | Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage
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| White-Collar Worker | Someone who works in a professional or clerical job and who usually earns a weekly salary
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| Collective Bargaining | The process in which union and company management meet to negotiate a new labor contract
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| Mediation | A settlement technique in which a neutral person, the mediator, meets with each side to find a solution to both sides will accept
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| 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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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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