Contractual agreement to use the name and sell the products or services of a company in a specific area
What is a franchise?
100
Business that makes finished products from processed goods
What is a manufacturer?
100
Creating, manufacturing, or improving goods and services
What is production?
100
Person gets all profits of the business
What is sole proprietorship
200
A company registered by a state and operates apart from the owners
What is a corporation
200
A type of business not required to pay taxes.
What is a nonprofit organization?
200
A business that purchases goods from a wholesaler and sells them to consumers.
What is a retailer
200
The process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effectiveness
What is management?
200
Two advantages of a sole proprietorship
What is own boss,
recieve all the profits,
easy to start,
income taxed only once
300
A business with limited liability
What is a corporation?
300
An example of a cooperative, nonprofit organization, and franchise
What is Tropicana or Ocean Spray,
Good Will, Red Cross, Knights of Columbus,
Taco Bell, McDonalds, Subway, Dairy Queen
300
A business that gathers raw goods.
What is a producer?
300
Business or art of money management
What is finance?
300
Two disadvantages of proprietorships
Unlimited liability,
owner may not have all skills necessary,
harder to get loans
400
Two disadvantages of partnerships
What is all partners share in the risk,
problems occur when partners don't agree,
partners share unlimited liability
400
Business where owner must invest money to buy the name and build the facility.
What is a franchise?
400
A business that takes goods from one business to another.
What is an intermediary?
400
The buying and reselling of goods that have already been produced
What is procurement?
400
Two similarities of a proprietorship and partnership
What is unlimited liability,
single taxation,
easy to start
500
Two differences between a corporation and a partnership
What is stock,
limited liability/unlimited liability,
corporate charter/partnership agreement(contract)
double taxation/single taxation,
board of directors/ none
500
The reason cooperatives are formed.
What is members have advantages in buying and selling products and services
(ex. making marketing of goods more efficient and profitable)
Save money on the purchase of certain goods
500
A business that changes raw materials into more finished products
What is a processor?
500
Example of how the accounting and finance functions can affect a business's marketing a production processes.
What is if financials show little profits, new marketing plans may be developed and new production procedures may be put in place?
500
One advantage of a partnership over a proprietorship
What is each partner brings different skills and talents
easier to obtain capital,
not dependent on one person,