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Chapter 6 Vocabulary
Test Description: Chapter 6 Vocabulary
Instructions: Answer all questions to get your test result.
1) A ____________________ is a business owned by ONE person.
A
Sole proprietorship
B
Corporation
C
Partnership
D
Unlimited liability
2) Means that the owner is responsible for the company’s debts.
A
Sole proprietorship
B
Partnership
C
Unlimited liability
D
Corporation
3) Is a business owned by two or more people who share its risks and its rewards.
A
Partnership
B
Corporation
C
Unlimited liability
D
Sole proprietorship
4) Is a company that is registered by the state and operates apart from its owners.
A
Unlimited liability
B
Corporation
C
Sole proprietorship
D
Partnership
5) To form into a “group” for a SPECIFIC PURPOSE
A
Organization
B
Cooperative
C
Nonprofit
D
Limited liability
6) Is an organization that is owned and operated by its members.
A
Cooperative
B
Organization
C
Nonprofit
D
Limited liability
7) Hold a firm’s owners responsible for no more than the capital that they have invested in it.
A
Nonprofit
B
Organization
C
Limited liability
D
Cooperative
8) is a type of organization that focuses on providing a service, but does NOT make a profit.
A
Organization
B
Limited liability
C
Cooperative
D
Nonprofit
9) Changes raw materials into more finished products. (Sugar cane into sugar; crude oil into gasoline, iron into steel)
A
Processor
B
Franchise
C
Producer
D
Manufacturer
10) Is a business that gathers raw goods. Raw goods are materials gathered in their original state from natural resources.
A
Processor
B
Manufacturer
C
Franchise
D
Producer
11) Is a contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
A
Franchise
B
Manufacturer
C
Processor
D
Producer
12) Is a business that makes finished products out of processed goods. (cars, CDs, computers)
A
Manufacturer
B
Producer
C
Processor
D
Franchise
13) Distributes goods. A clothing wholesales may buy thousands of jackets from several manufacturers and then distributes them.
A
Retailer
B
Intermediary
C
Wholesaler
D
Production
14) Purchases goods from a wholesaler and sells them to consumer.
A
Production
B
Wholesaler
C
Retailer
D
Intermediary
15) Is the process of creating, expanding, manufacturing or improving goods and services.
A
Retailer
B
Wholesaler
C
Production
D
Intermediary
16) Business that moves goods from one business to another
A
Production
B
Retailer
C
Intermediary
D
Wholesaler
17) Process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
A
Accounting
B
Marketing
C
Management
D
Finance
18) The business or art of money management. Requires analyzing financial statements and making future decision.
A
Management
B
Marketing
C
Accounting
D
Finance
19) Process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.
A
Accounting
B
Marketing
C
Management
D
Finance
20) Maintaining checking records, handling bills, and preparing financial reports for a business.
A
Management
B
Marketing
C
Accounting
D
Finance
*select an answer for all questions
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