Ch 4 - Business in the Free Enterprise

What are the two common types of partnerships?

The form of business of ownership described as an "artificial person" is a(n) ______.

Portion of a corporation's earnings distributed to stockholders.

Business that creates goods and services.

The ____ market consists of customers who buy products for their own use

Organization that generates revenue.

What do you call a business or person that takes natural resources from the land.

An accounting firm that prepares taxes for an advertising agency operates in the __ market.

Share of ownership in a corporation.

Business that buys large quantities of products from producers & sells them to retailers.

A business that is owned and often operated by a single individual.

Wholesalers are often called ____________.

The practices & procedures to be followed in conducting business.

What combines the benefits of a corporation with those of proprietorships and partnerships is ?

Group of people who make management decisions for a business and establish company policies.

Association of two or more people who co-own a business with the objective of earning a profit.

Person or business that sells the goods and services from producers to customers.

Numeric system used to classify businesses and collect economic statistics.

This license may be required if a proprietorship business has a name other than the owner's name

The simplest & most common form of business ownership.

Form of ownership that has the benefits of a corporation and proprietorship or partnership.

Business that is owned and operated by those using its services

Organization that exists to serve some public purpose.

Business that uses supplies from other producers to make products.

Business that is legally separate from its owners & has many of the rights of an actual person.

Consists of customers who buy products for use in a business