Lesson 1
What is the most common form of business in the United States?
What is a sole proprietorship?
What is it called when all partners are equally responsible for management and debts in their partnership business?
What is a general partnership?
What is a person who owns shares of stock in a corporation called?
What is a stockholder or shareholder?
What is the report showing the sales, expenses, net income, and cash flow for a certain period called?
what is an income statement?
What is an economic organization that operates like a business but does not seek financial gain called?
what is a nonprofit organization?
When the owner of a business is personally and fully responsible for all losses and debts of a business he has what?
what is unlimited liability?
What is it called when one or more partners are not active in the day-to-day business and have limited responsibility for debts?
what is a limited partnership?
What is the term for a check that transfers a portion of the company profits to stockholders quarterly called?
what is a dividend?
What is the term for gradual wear on capital goods?
what is depreciation?
What is an organization that works for its members' interests concerning pay, working conditions, and benefits called?
what is a labor union?
what is the term for stock of business goods and parts held in reserve?
what is inventory?
What is a form of business organization recognized by law as a separate legal entity called?
what is a corporation?
what kind of stock gives you ownership of a corporation and one vote per share?
what is common stock?
what is the total amount of new funds a business generates from operations called?
what is cash flow?
what is a nonprofit organization of local businesses formed to promote their interests called?
what is a chamber of commerce?
If a business ceases to exist when the owner dies, quits, or sells the business, what is this known as?
what is limited life?
what is the name for the written approval by the government to establish a corporation?
what is a charter?
what form of stock gives you corporate ownership without a vote, but you get your investments back before other types of stock holders?
what is preferred stock?
When two or more firms producing the same kind of product join, what is this called?
what is a horizontal merger?
what is the business-sponsored nonprofit organization providing information on local companies to consumers called?
what is the Better Business Bureau?
what is an unincorporated business owned and operated by two or more people who share profits and responsibility called?
what is a partnership?
what is the term for a certificate of ownership in a corporation called?
what is stock?
When dividends are taxed both as corporate profit and as personal income what is this known as?
what is double taxation?
What is it called when firms involved in different stages of manufacturing or marketinging join together?
what is a vertical merger?
what is negotiation between union and company representatives over pay, benefits, and other job-related matters called?
what is collective bargaining?
What is the least common type of business?
What are partnerships?
What is a written promise to repay the amount borrowed at a later date called?
What is a bond?
What is it called when a business puts it's profits back into the business instead of withdrawing the profits for the owners?
What is reinvestment?
What is the term for the funds leftover after all of the firms expenses including taxes, are subtracted from from its sales?
What is net income?
IF you take all your business sales reciepts and add them up, then you subtract all your business expenses and deductions, what is the money you have left called?
What is Net Income?
What is the term for the price paid for the use of another's money?
What is interest?
If you are part of a partnership that has limited life, and there are 3 partners, and one of them dies, but there are still 2 left, can the business keep running seamlessly?
What is No, it must re-establish as a new partnership.
If a large corporation operates in two or more countries what is it called?
What is a multi-national corporation?
If a lemon selling business and a water selling business and a sugar selling business all combine to become a lemonade selling business, would this be a horizontal or vertical merger?
What is Vertical?
If a large corporation owns many different kinds of businesses with their own seperate brands but all under the umbrella of the parent corporation what is this type of business called?
What is a Conglomerate?