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Sole Proprietorship
Vocabulary
Corporation
Parnerships / Associations
Pot Luck
100
Business owned and operated by one individual
What is sole prop.?
100
Money and valuables belonging to an individual, or a business
What is assets?
100
Share represented a portion of ownership in a corporations
What is stock?
100
Business in which owners share equally both responsibility and liability
What is general partnership?
100
Functions like a business but does not operate for profit
What is non profit organization?
200
Disadvantage of a sole prop.
What is lack of permanance?
200
Legally bound obligation to pay debts
What is liabiity?
200
Portion of corporate profits paid out to share holders
What is dividend?
200
Owned by two or more people and one person has unlimited liability
What is limited parnership?
200
TRUE or FALSE - A corporation is a separate entity apart from owners and workers
What is TRUE?
300
Advantage of a sole prop.
What is least regulated form of business
300
Authorization to start a business issued by local government
What is business license?
300
Certificate issued by corporation promising to repay loan with interest
What is bond?
300
Business organization owned and operated by group of individuals for mutual benefit
What is cooperative?
300
TRUE or FALSE - Multinational companies operate in the United States only
What is FALSE?
400
Payment other than wages ( paid vacation, medical insurance)
What is fringe benefits?
400
Regulation in a city that separates areas for business and residence areas
What is zoning laws?
400
Joining 2 or more firms competing in same market with same good or service
What is horizontal merger?
400
Establishment formed to carry on commercial enterprise
What is business organization?
400
TRUE or FALSE - In a general partnership all members are responsible for the debts
What is TRUE?
500
Another benefit of a sole prop.
What is easy start up, be your own boss?
500
Per cent of franchise earnings paid to a parent company
What is royalities?
500
Joining 2 or more firms involved in different stages of production of product
What is vertical merger?
500
Non profit association that promotes interest in the particular field
What is trade association?
500
McDonalds, Wendys, and Burger King are examples of ____
What is franchise?