A _______ is a business partner who does not take an active role in decision making or running the business.

A _______ is a business partner who has decision-making authority, takes an active role in the operation of a business, and has unlimited liability for all losses or debts of the partnership.

Limited human resources is a disadvantage of a _______.

_______ account for 5 percent of all the businesses in the United States.

An advantage of organizing a business as a partnership is _______.

A _______ is a business organization that operates as a legal entity that is separate from its owners and is treated by law as if it were an individual person.

_______ refers to an application to operate as a corporation.

_______ is a disadvantage of organizing a business as a corporation.

Many small and family-owned businesses operate as _______.

A _______ is a business that operates and pays taxes as a partnership but has limited liability for the owners.

A(n) _______ is an economic system in which people can choose what they buy, what they produce and sell, and where they work.

The amount of money earned over and above the amount spent to keep the business operating is called _______.

Effective _______ help companies to maintain sales.

The first step in writing a strategic plan is _______.

The systematic process of recording and reporting the financial position of a business is called _______.

A standard set of guidelines used in recording and reporting financial changes is known as _______.

Negative cash flow is a situation that occurs when a business _______.

The merchandise retailers have for sale is called _______.

A(n) _______ occurs each time a business records a purchase.

A business's _______ are often used to repair equipment.

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