Economics Test # 4
Terms
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- entrepreneur
- person who organizes, manages and assumes the risks of a buisness in order to gain profits
- startup
- a begining buisness entrepreneur
- small buisness incubator
- government funded agency that assists new buisnesses by providing advice or low rent building and supplies
- inventory
- extra supply of the items used in the buisness, such as raw materials or goods and services
- receipts
- income received from the sale of goods and/or services
- sole proprietorship
- one manager
- unlimited liability
- requirement that the owner of a buisness is personally and fully responcible for all losses and debts of a buisness
- assets
- all items to which a buisness or household hold legal claim
- partnerships
- two or more individuals managing a buisness
- limited partnerships
- special form of partners have lilited liability but no voice in mangement
- joint venture
- partnerships set up for a set time for a specific reason
- corporation
- a buisness managed by many people but treated like a person, taxes, property and so on
- stock
- share of ownership in the coroperation that entitles the buyer to a certain of the future profits and assets of the corporation
- limited liability
- requirement in which an owner's responcibility for a company's depts is limited to the size of the owners's investment in the firm
- articles of incorporation
- documents listing basic information about a corporation that is filed with the state where the corporation will be headquarted
- coroporate charter
- lisence to operate granted to a corporation by the state where it is established
- common stock
- shares of ownership in a corporation that stockholders voting rights and a portion of preferred stock
- dividend
- portion of the corporation's profits paid to its stockholders
- preferred stock
- shares od ownership in a corporation that give stockholders a portion of future profits, but no voting rights
- franchise
- contract where one buisness sells to another buisness the right to use the franchiser's name and it's products