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Sole Proprietorship
Partnerships
Vocab
Corporation
Franchise
100
What percent of business are S.P
What is 75
100
Partners equally share responsibility
What is general partnership
100
Legal bound obligation to pay debts
What is liability
100
most complex form of business organization
What is corporation
100
give an example of a franchise
What is Wendy's Burger King McDonalds
200
List one advantage of an S.P.
What is small amount of paper work and legal expence
200
One partner is general partner, the other partner just invest money
What is limited partnership
200
payments to employees other than wages
What is fringe benefits
200
corporations account for ___________ percent of all business
What is 20
200
business organization owned and operated by people for their benefit
What is cooperative
300
Another advantage of S.P.
What is owner get to keep profit
300
One advantage of a partnership
What is easy set up and inexpensive
300
money and other valuables that belong to a business
What is assets
300
combination of 2 or more firms competing in the same market
What is horizontal merger
300
share of earnings given as payment
What is royalties
400
Disadvantage of a S.P.
What is limited life and hard to get employees
400
Disadvantage of a partnership
What is conflict
400
certificate of ownership in a corporation
What is stock
400
combination of 2 or more firms involved in different stages of production
What is vertical merger
400
functions like a business but does not get profit
What is non profit organization
500
S.P. must get a _________ from local government
What is business license
500
What percent of business are partnerships
What is 7
500
a contract to repay borrowed money with interest
What is bond
500
3 or more businesses that merge that make unrelated products
What is conglomerate
500
organization that promotes interest in specific industry
What is trade association