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Econ Midterm Study Guide Andrew Chapter 8 > Econ Midterm Chapter 8 Andrew > Flashcards

Econ Midterm Chapter 8 Andrew Flashcards

0
Q

Is a business owned and managed by a single person

A

Sole proprietorship

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1
Q

Is an established formed to carry on commercial enterprise

A

Business organization

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2
Q

And authorization from the local government

A

Business license

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3
Q

Separate areas or zones for residential use and for business

A

Zoning laws

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4
Q

The biggest disadvantage of a sole proprietorship

A

Liability

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5
Q

Payments to employees other than wages or salaries such as paid vacation, retirement pay, and health insurance

A

Fringe benefits

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6
Q

Is a business organization owned by two or more persons who agree on a specific division of responsibility and profit

A

Partnership

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7
Q

Most common type of partnership

A

General partnership

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8
Q

Only one partner is required

A

Limited partnership

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9
Q

Is a newer type of partnership recognized man states

A

Limited liability partnership

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10
Q

This is advised for small business. It spells out each partners rights and responsibility

A

Articles or partnership

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11
Q

If you don’t establish your own articles of partnership you will fall under theses rules

A

Uniform partnership act

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12
Q

Money and other valuables belonging to an individual or business

A

Assets

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13
Q

Is a legal entity, or being, owned by individual

A

Corporation

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14
Q

Stockholders own these

A

Stock

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15
Q

Companies that never really trade stock, only with family

A

Closely held corporations

16
Q

Stockholders who buy and sell stock in the open market

A

Public held corporation

17
Q

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

A

Bond

18
Q

When stock holders receive income from the corporation

A

Dividends

19
Q

Join two or more firms commuting in the same market

A

Vertical mergers

20
Q

Have more than three businesses that make unrelated products

A

Conglomerates

21
Q

Worlds largest corporation produce and sell their goods and services throughout the world

A

Multinational corporations

22
Q

A semi independent business that payes fees

A

Business franchise

23
Q

Earnings

A

Royalties

24
Q

Cooperatives that provide a service rather than goods

A

Service cooperatives

25
Q

Agricultural marketing cooperatives that help members sell their products

A

Producer cooperatives

26
Q

Don’t operate for the purpose of money

A

Nonprofit organizations

27
Q

Work to improve the image working conditions and skill levels of people in particular occupations.

A

Professional organizations

28
Q

Promote the collective business interests of a city state or tiger geographical area or of a group of similar businesses

A

Business associations

29
Q

Nonprofit organization that promote the intrusive of particular industries

A

Trade association

Econ Midterm Study Guide Andrew Chapter 8 (1 decks)

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