Chapter 6 Vocabulary Question Preview (ID: 33300)
Chapter 6 Vocabulary.
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A ____________________ is a business owned by ONE person.
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
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
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
To form into a “group” for a SPECIFIC PURPOSE
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
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
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 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
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 makes finished products out of processed goods. (cars, CDs, computers)
a) Producer
b) Processor
c) Franchise
d) Manufacturer
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 the process of creating, expanding, manufacturing or improving goods and services.
a) Wholesaler
b) Retailer
c) Intermediary
d) Production
Business that moves goods from one business to another
a) Wholesaler
b) Retailer
c) Intermediary
d) Production
Process of planning, pricing, promoting, selling, and distributing ideas, goods, and services.
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
Maintaining checking records, handling bills, and preparing financial reports for a business.
a) Accounting
b) Marketing
c) Finance
d) Management
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