Forms of Business Organization
People who own a share or shares of stock in a corporation
What are stockholders (or shareholders)?
Places where entrepreneurs can receive the training and other assistance to build a successful start-up business
What are incubators?
Organizations that work for its members' interests concerning pay, working hours, health coverage, fringe benefits, and other job-related matters
What are labor unions?
informal and usually affluent investors who provide funds to less-promising start-ups
The star that led the Three Kings to the baby Jesus
What is Star of Bethlehem?
The three main forms of business organization in the economy today
What are the sole proprietorship, the partnership, and the corporation?
a report showing a business’s sales, expenses, net income, and cash flows for a period of time, such as three months or a year.
What is an income statement?
process of negotiation between union and management representatives over pay, benefits, and job-related matters
What is collective bargaining?
business investment that involves renting or leasing another successful business model
What is a franchise?
The American state that was the first to make Christmas an official holiday
What was Alabama?
the two most important types of partnerships
What are general partnership and limited partnership?
corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
Name one example of government’s direct role in the economy
Possible answers: Tennessee Valley Authority (TVA), Federal Deposit Insurance Corporation (FDIC), U.S. Postal Service (USPS)
gradual wear on capital goods
What is depreciation?
The best-selling Christmas song of all time
What is "White Christmas"?
How is responsibility shared in a partnership (how many people are involved)?
jointly owned by two or more persons.
List one example of government’s indirect role in the economy
Antitrust laws, College scholarships, and Social Security payments
situation in which a firm legally ceases to exist when an owner dies or quits, or a new owner is added; applies to sole proprietorships and partnerships
What is limited life?
the real-life department store that the movie Miracle on 34th Street is based on
What is Macy's?
What are the major disadvantages of a sole proprietorship? (name at least 3 for full points)
1. the owner of the business has unlimited liability
2. the difficulty of raising financial capital
3. The small size
4. limited managerial experience
5. the difficulty of attracting qualified employees
6. limited life
Name 2 reasons for merging?
Possible Answers:
- Faster Growth
- Synergy
- Economies of Scale
- Diversification
- Elimination of Rivals
- Change or Lose Corporate Identity
The largest labor union in the United States
What is the the National Education Association (NEA)?
business-sponsored nonprofit organization providing information on local companies to consumers
What is the Better Business Bureau?
the first company that used Santa Claus in advertising
What is Coca-Cola?