chapter 4 review (pbmf)
not-for-profit organization
A(n) _______ exists to serve some public purpose.
Three categories of customers that businesses can serve are consumer market, business market, and government and institutions.
What are the three categories of customers that businesses can serve
limited liability
__ means stockholders and owners are not personally responsible for the debts obligations of a business
manufacturers
___ are businesses that use supplies from other producers to make products
service
a __ business earns profit by providing consumers with services that meet their needs and wants
retailers
a __ is a business that buys products from wholesalers or directly from producers and sells them to consumers to make a profit
partnership
a __ is an association of two or more persons who co-own a business with the objective of earning a profit.
proprietorship
a __ is the simplest and most common form of business ownership
wholesaler
a __ purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers
industry
a ___ is a group of businesses that produce the same type of goods or services
doing business as
a ___ license may be required if a proprietorship business uses a name other than the owner's name
cooperative
a ___ pools the resources of members to produce quality goods and services
for-profit business
a __business is an organization that generates revenue.
wholesaler
a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers
stock
a share of ownership in a corporation is called a __
extractor
business or person that takes natural resources from the land
producer
business that creates goods and services
general partnership
business that is co-owned by two or more general partners who are responsible for business operations
corporation
business that is legally separate from its owners and has the most of the legal rights of an actual person
proprietorship
business that is owned and often operated by a single individual
cooperative
business that is owned and operated by those using its services
business-to-business
business that sells primarily to other businesses
business-to-consumer
businesses that sell primarily to individual consumers are in the __ market
business
customers who buy products for use in a business are in the ___ market
an s corporation is a form of business ownership that provides limited liability to its owners, but is taxed as a partnership.
describe the characteristics of an s corporation
corporate bylaws
explains the practices and procedures to be followed in conducting business
limited liability company
form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships
S corporation
form of ownership that provides limited liability to owners, but is taxed as a partnership
public
governmental agencies are part of the __ sector
retailers
in a private enterprise system, __ directly provide consumers with products that meet their needs and wants.
liability
legal responsibility
institution
nonprofit organization that may be either public or private
intermediary
person or business that sells the goods and services from producer to costumers
dividend
portion of a corporation's earnings distributed to stockholders
board of directors
the __ is a group of individuals who make high-level management decisions for a corporation and establish company policies.
not-for-profit
the money raised by a ___ business is used to support a cause rather than profit for its owners
North American Industry Classification System (NAICS)
the numeric system used to classify businesses and collect economic statistics is called the __
s corporation, limited liability companies, and cooperatives
what are the three alternative forms of business ownership
proprietorship, partnership, corporation
what are the three basic forms of business ownership
The three businesses in a private sector is producer, intermediaries, and service business.
what are the three general types of businesses in the private sector
