IBM Ch. 6

Contractual agreement to use the name and sell the products of a company.

Limited liability and ability to raise money through stock.

A disadv. of this type of business is the person in charge may not have all the skills needed.

The business or art of money management

Ocean Spray, Sunkist, and Diamond Walnut Growers are examples of

Planning, organizing, controlling, and leading are all important to ___.

The process that involves getting consumers to buy a product or service

There are three (3) MAIN types of business organizations: sole prop., partnerships, and corps.

Each person contributes capital to the business and the business is taxed only once.

McDonald's, Chick-fil-a, Taco Bell, and Subway are _____.

The most common type of business in the United States is

Over half of all businesses in the United States are sole proprietorships.

The buying and reselling of goods and services that have already been produced

Corporations need a _____ from the state to start a business.

Type of organization that focuses on providing a service, but not to make a profit

Animal shelters, United Way, and the YMCA are examples of

The process of creating, expanding, manufacturing, or improving goods and services

Corporations are usually owned by a group of people called _____.

Organization that is owned and operated by its members

Sole proprietors need a _____ to start.