Economics C8: Business Organizations
Terms
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- What is a Business Organizaton?
- An establishment formed to carry on commercial enterprise.
- What is Sole Proprietorship?
- A business owned and managed by a single individual.
- What is a Business License?
- Authorization to start a business issued by the local government.
- What is a Zoning Law?
- Law in a city or town that designates separate areas for residency and for business.
- What is a Liability?
- The legally bound obligation to pay debts.
- What is a Fringe Benefit?
- Payment other than wages or salaries.
- What is a Partnership?
- A business organization owned by two or more persons who agree on a specific division of responsibilities and liability.
- What is a General Partnership?
- Partnership in which partners share equally in both responsibility and liability.
- What is a Limited Partnership?
- Parnership in which only one partner is required to be a general partner.
- What is a Limited Liability Partnership (LLP)?
- Partnership in which all partners are limited partners
- What are Articles of Partnership?
- A partnership agreement
- What is the Uniform Partnership Act (UPA)?
- Act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership.
- What are Assets?
- Money and other valuables belonging to an individual or business.
- What is a Corporation?
- A legal entity owned by individual stockholders.
- What is Stock?
- A certificate of ownership in a corporation.
- What is a Closely Held Corporation?
- Corporation that issues stock to only a few people often family members.
- What is a Publicly Held Corporation?
- Corporation that sells stock on the open market.
- What is a Bond?
- A formal contract to repay borrowed money with interest at fixed intervals.
- What is a Certificate of Incorporation?
- A license to form a corporation issued by state government.
- What is a Dividend?
- The portion of corporate profits paid out to stockholders.
- What is a Horizontal Merger?
- The combination of two or more firms competing in the same market with the same good or service.
- What is a Vertical Merger?
- The combination of two or more firms involved in different stages of producing the same good or service.
- What is a Conglomerate?
- Business combination merging more than three businesses that make unrelated products.
- What is a Multinational Corporation (MNC)?
- Large corporation that produces and sells its goods and services throughout the world.
- What is a 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.
- What is a Royalty?
- Share of earnings given as payment.
- What is a Cooperative?
- A business organization owned and operated by a group of individuals for their mutual benefit.
- What is a Consumer Cooperative?
- Retail outlet owned and operated by consumers.
- What is a Service Cooperative?
- A cooperative that provides a service rather than a good.
- What is a Producer Cooperative?
- Agricultural marketing cooperative that helps members sell their products.
- What is a Nonprofit Organization?
- Institution that functions much like a business but does not operate for the purpose of generating profits.
- What is a Professional Organization?
- Nonprofit organization that works to improve the image, working conditions, and skill levels of peoplein particular occupations.
- What are Business Associations?
- Nonprofit organization that promote collective business interests for a city, state or other geographical area, or for a group of similar businesses.
- What is a Trade Association?
- Nonprofit organization that promotes the interests of a particular industry.