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ECONOMICS Mid-Term '15 > Chapter 8 > Flashcards

Chapter 8 Flashcards

0
Q

A business owned and managed by a single individual

A

Sole Proprietorship

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1
Q

An establishment formed to carry on commercial enterprise

A

Business Organization

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2
Q

Authorization to start a business issued by the local government

A

Business License

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3
Q

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

A

Zoning Law

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4
Q

The legally bound obligation to pay debts

A

Liability

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5
Q

Payment other than wages or salaries

A

Fringe Benefit

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6
Q

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

A

Partnership

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7
Q

Partnership in which partners share equally in both responsibility and liability

A

General Partnership

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8
Q

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

A

Limited Partnership

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9
Q

Partnership in which all partners are limited partners

A

Limited Liability Partnership

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10
Q

Money and other valuables belonging to an individual or business

A

Assets

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11
Q

A legal entity owned by individual stockholders

A

Corporation

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12
Q

A certificate of ownership in a corporation

A

Stock

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13
Q

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

A

Bond

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14
Q

License to form a corporation issued by state government

A

Certificate of Incorporation

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15
Q

The portion of corporate profits paid out to stockholders

A

Dividend

16
Q

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

A

Horizontal Merger

17
Q

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

A

Vertical Merger

18
Q

Business combination merging more than three businesses that make unrelated products

A

Conglomerate

19
Q

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

A

Multinational Corporation

20
Q

Share of earnings given as payment

A

Royalty

21
Q

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

A

Cooperative

22
Q

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

A

Nonprofit Organization

23
Q

Nonprofit organization that promotes the interests of a particular industry

A

Trade Association

ECONOMICS Mid-Term '15 (13 decks)

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