Chapter 6 Vocabulary Question Preview (ID: 33300)


Chapter 6 Vocabulary. TEACHERS: click here for quick copy question ID numbers.

Maintaining checking records, handling bills, and preparing financial reports for a business.
a) Accounting
b) Marketing
c) Finance
d) Management

The business or art of money management. Requires analyzing financial statements and making future decision.
a) Accounting
b) Marketing
c) Finance
d) Management

Process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.
a) Accounting
b) Marketing
c) Finance
d) Management

Process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
a) Accounting
b) Marketing
c) Finance
d) Management

Business that moves goods from one business to another
a) Wholesaler
b) Retailer
c) Intermediary
d) Production

Is the process of creating, expanding, manufacturing or improving goods and services.
a) Wholesaler
b) Retailer
c) Intermediary
d) Production

Distributes goods. A clothing wholesales may buy thousands of jackets from several manufacturers and then distributes them.
a) Wholesaler
b) Retailer
c) Intermediary
d) Production

Purchases goods from a wholesaler and sells them to consumer.
a) Wholesaler
b) Retailer
c) Intermediary
d) Production

Is a business that makes finished products out of processed goods. (cars, CDs, computers)
a) Producer
b) Processor
c) Franchise
d) Manufacturer

Is a contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
a) Producer
b) Processor
c) Franchise
d) Manufacturer

Is a business that gathers raw goods. Raw goods are materials gathered in their original state from natural resources.
a) Producer
b) Processor
c) Franchise
d) Manufacturer

Changes raw materials into more finished products. (Sugar cane into sugar; crude oil into gasoline, iron into steel)
a) Producer
b) Processor
c) Franchise
d) Manufacturer

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

Is an organization that is owned and operated by its members.
a) Organization
b) Limited liability
c) Cooperative
d) Nonprofit

Hold a firm’s owners responsible for no more than the capital that they have invested in it.
a) Organization
b) Limited liability
c) Cooperative
d) Nonprofit

To form into a “group” for a SPECIFIC PURPOSE
a) Organization
b) Limited liability
c) Cooperative
d) Nonprofit

Is a company that is registered by the state and operates apart from its owners.
a) Unlimited liability
b) Sole proprietorship
c) Partnership
d) Corporation

Is a business owned by two or more people who share its risks and its rewards.
a) Unlimited liability
b) Sole proprietorship
c) Partnership
d) Corporation

Means that the owner is responsible for the company’s debts.
a) Unlimited liability
b) Sole proprietorship
c) Partnership
d) Corporation

A ____________________ is a business owned by ONE person.
a) Unlimited liability
b) Sole proprietorship
c) Partnership
d) Corporation

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