Shared Flashcard Set

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Business Ownership
...
15
Business
12th Grade
03/16/2017

Additional Business Flashcards

 


 

Cards

Term
Corporation
Definition
people authorized to act as a single entity (legally a person) and recognized as such in law
Term
Franchise
Definition
Authorization that allows an individual ro group to carry out specific commercial activities
Term
Intermediaries
Definition
The link between people in order to try to bring about an agreement
Term
Limited Liability
Definition
limited to a fixed sum (normally the amount that was invested into the comany/business)
Term
Manufacturers
Definition
Makes goods for sale
Term
Nonprofit
Definition
Not making or conducted primarily to make a profit
Term
Service
Definition
Helping or doing work for someone
Term
Partnership
Definition
Association of two or more people
Term
Processors
Definition
Someone or something that processes things (ex. food, toys, ect.)
Term
Producer
Definition
person, company, or country that makes, grows, or supplies foods or commodities for sale
Term
Retailer
Definition
selling goods to the public in small quantities for use rather than resale
Term
Sale Proprietorship
Definition
the simplest business form under which one can operate a business (not a legal entity)
Term
Stock
Definition
merchandise that is kept on the premises of a business or in a warehouse and is available for sale/distribution
Term
Unlimited Liabilty
Definition
legal obligations that a person or partners are liable for if their business falls into debt, due to being unable to pay their liabilities
Term
Wholesaler
Definition
Someone or some place that sells goods in large quantities at low prices
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