20.1
20.2
20.3
21.1
100
Name of a business owned and managed by a single person.
What is a sole proprietorship?
100
A business co-owned by a 2 or more people
What is a partnership?
100
Shares of owners in a corporation are known as
What is a stock?
100
Payments workers receive in return for their work are known as
What are wages?
200
A situation where a business ceases to exists if the owner passes away or retires
What is limited life?
200
Partnership where partners share responsibility and liability
What is a general partnership?
200
An institution that runs like a business organization but goal is to benefit society
What is a non-profit organization?
200
Term for company using outside company to produce goods or services and term for foreign countries establishing operations in the U.S.
What is outsourcing and insourcing?
300
2 advantages and disadvantages of a sole proprietorship
What is keep all profits, make all decisions, limited life and unlimited liability?
300
Term for being solely responsible for all loses, debts, and other costs to a business.
What is unlimited liability?
300
A business that own several unrelated companies is known as a
What is conglomerate?
300
Wage rates are determined by this key economic principle
What is supply and demand?
400
Type of partnership where one person invests and the other runs day to day operations.
What is limited partnership?
400
Term for a corporation whose stock can be freely bought and sold
What is public company?
400
An advantage and disadvantage of owning a franchise
What is right to sell already popular product, national advertising, must sell products you are told to, and loss of control?
400
4 factors that determine wage rates
What is human capital, discrimination, government actions, and working conditions?
500
2 disadvantages and advantages of partnerships
What is increase conflict, limited life, specialization, and increased funds?
500
An advantage of a limited liability partnership is and an example of one.
What is not responsible for debts or other liabilities of other partner (doctors or lawyers office)?
500
2 disadvantages and advantages to a corporation
What is unlimited life, increased access to funds, limited liability, loss of control, difficult to startup, and increased regulations?
500
Process where businesses and unions negotiate for better working conditions.
What is collective bargaining?
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