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Economic Mid Terms > Ch-8 > Flashcards

Ch-8 Flashcards

0
Q

Sole Proprietorship

A

A business owned and managed by a single individual

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1
Q

Business Organization

A

An establishment formed to carry on commercial enterprise

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2
Q

Business License

A

Authorization to start a business issued by the local government

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3
Q

Zoning Law

A

Law in a city or town that designates separate areas for residency and for business

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4
Q

Liability

A

The legally bound obligation to pay debts

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5
Q

Fringe Benefit

A

Payment other than wages or salaries

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6
Q

Partnership

A

A business organization owned by two or more persons who agree on a specific division of responsibilities and profits

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7
Q

General Partnership

A

Partnership in which partners share equally in both responsibility and liability

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8
Q

Limited Partnership

A

Partnership in which only one partner is required to be a general partner

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9
Q

Limited Liability Partnership

A

Partnership in which all partners are limited partners

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10
Q

Assets

A

Money and other valuables belonging to an individual or business

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11
Q

Corporation

A

A legal entity owned by individual stockholders

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12
Q

Stock

A

A certificate of ownership in a corporation

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13
Q

Bond

A

A formal contract to repay borrowed money with interest at fixed intervals

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14
Q

Certificate of Incorporation

A

License to form a corporation issued by state government

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15
Q

Dividend

A

The portion of corporate profits paid out to stockholders

16
Q

Horizontal Merger

A

The combination of two or more firms competing in the same market with the same good or service

17
Q

Vertical Merger

A

The combination of two or more firms involved in different stages of producing the same good or service

18
Q

Conglomerate

A

Business combination merging more than three businesses that make unrelated products

19
Q

Multinational Corporation

A

Large corporation that produces and sells its goods and services throughout the world

20
Q

Royalty

A

Share of earnings given as payment

21
Q

Cooperative

A

A business organization owned and operated by a group of individuals for their mutual benefit

22
Q

Nonprofit Organization

A

Institution that functions much like a business, but does not operate for the purpose of generating profits

23
Q

Trade Association

A

Nonprofit organization that promotes the interests of a particular industry

Economic Mid Terms (11 decks)

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