McDonalds
People invest in the corporation by buying _______ of ownership. Those _______ are represented by documents called stocks. Those who own the ________ are called stockholders.
(same word for each blank)
shares
Which parts of our body keep growing throughout our lives?
_______ and ________.
ears and nose
You can tell that a business is a corporation if the abbreviation Inc. Inc. stand for ____________.
incorporated
They make decisions without having to _______, or check with, other owners. As the only owner, a sole proprietor receives all the profits from the business.
consult
If you have arachnophobia, which animal are you scared of?
spiders
At times in proprietorships, owners may find it difficult to raise __________.
financial
A _________ is a business that is owned by a group of people and operates under a license. A _________ is the most complicated form of business
corporation
Sole proprietors have no limits on their ________ or legal responsibility, for the business. This can be a problem if the business cannot pay its debts or loses a lawsuit. Then the owner’s personal property—such as a home or car—may have to be sold to pay the business’s debts.
liability
_______ is the money needed to run a business or expand it.
Capital
What is the longest river in the world?
The Nile river
What is the hardest natural substance in the world?
diamonds
The state where the corporation is formed grants the company a ________. This document gives a group of people permission to form a corporation.
charter
Suppose you are making so much money mowing lawns that you have little time for anything else. You could hire a helper. You have another option, too. You could find someone who could provide the extra help and use his or her own equipment in return for a share of the business. In this case, your business is no longer a sole proprietorship. It is now a ___________. This is a business that two or more people own and operate together.
partnership
A partnership is formed when two or more people sign a legal agreement called articles of partnership. This document states what role each partner will play in the business. It tells how much money each will contribute. It ________, or explains, how each partner will share in the profit or loss of the business.
clarifies
The charter requires a corporation to hold a meeting of stockholders every year. At this meeting, the stockholders elect a ____________ to represent them.
board of directors
What animal is considered to be the national bird of America?
_______ is a business owned by one person. Most businesses in this form are small businesses. Usually they serve the area in which they are located.
sole proprietorship
What is the BIGGEST advantage that partnerships have over sole proprietorships?
Why do the board of directors at corporations meet during the year?
The board of directors meets during the year to make major decisions about the corporation. It also hires a president and other managers to run the company on a daily basis. Stockholders are not involved in the day-to-day operation of the company.
These organizations provide goods and services without trying to make money. Many different types of organizations are _______. For example, public schools, public hospitals, labor unions, Boy Scouts, and Girl Scouts.
nonprofit organization