ECON CH. 8 - QUIZ

credit union

1) nonprofit service cooperative that accepts deposits, make loans, and provides other financial services 2) accepts deposits, makes loans, and provides other financial services

labor union

1) organization that works for its members' interests concerning pay, working hours, health coverage, fringe benefits, and other job-related matters 2) represents workers' interest in various employment matters

common stock

a form of corporate ownership giving one vote per share for stockholders

horizontal merger

combination of firms producing the same kind of product

venture capitalist

lender of investment funds to a start-up business in exchange for partial ownership of business

nonprofit organization

operates like a business but doesn't seek financial gain

cooperative

performs economic activity for the benefit of its members

incubator

place where entrepreneurs can receive the training to build a successful start-up business

chamber of commerce

promotes the welfare of its business members

limited life

situation in which a firm legally ceases to exist when an owner dies or quits, or when a new owner is added

crowdfunding

using social networking to appeal to potential investors

general partnership

all partners are equally responsible for management and debts

preferred stock

form of stock without vote, in which stockholders get their investments back before common stockholders do