Business Foundations Chapter 4

a type of business ownership run by two or more partners.

cycle in which every product goes through from introduction to withdrawal or eventual demise.

the amount added to the cost price of goods to cover overhead and profit

the amount by which the cost of a country's imports exceeds the value of its exports

One advantage of an LLC is that owners have ____ liability.

kind of predatory pricing, especially in the context of international trade

A corporation whose stock is owned by relatively few people is called a(n):

commercial value that derives from consumer perception of brand name a particular product

written document, describes how a business, usually a new one, is going to achieve its goals.

bringing (goods or services) into a country from abroad for sale

General Partner invests money into a business, but does not have management responsibility.

an official ban on trade or other commercial activity with a particular country.

Unlimited liability is an advantage of a sole proprietorship.

legal obligations general partners and sole proprietors, they are liable for all business debts

sum of money paid regularly by company the shareholders out of profits

design element (symbol)that provides visual or auditory recognition for the product

combination of factors that can be controlled by company to influence consumers

moral principles that govern a person's or group's behavior.

When two business firms need large sums of money to finance a major project, they are likely to

ethical framework that an entity has an obligation to act for the benefit of society at large.

an employee that reports an employer's misconduct.

a person who organizes and operates a business or businesses, taking on a high risk to do so

document that outlines the mission and values of the business or organization

The articles of partnership is a written contract describing the terms of a partnership

The ability to combine skills and knowledge is an advantage of

In a sole proprietorship the proprietor takes on many roles

Corporate officers are elected by the firm's stockholders

simplest business form, person who owns the business is personally responsible for debts

legal obligations general partners and sole proprietors are responsible for business debts

The S-corporation form of organization allows a corporation to avoid double taxation

tendency of some consumers to continue buying the same brand goods rather than competing brands

independently owned and operated company is limited in size and in revenue

the difference in total value between payments into and out of a country over a period

Which of the following is NOT an advantage of corporate form of ownership?

Liz catered in college, now turning it in to a full time business & wants to maintain control.

license that a party acquires to allow them to have access to a business' proprietary knowledge

a person's financial responsibility to a fixed sum (value of a person's investment in company)

The amount paid for stock is the most a shareholder can lose in the corporate for of ownership.

Compared to a corporation a partnership is more expensive and difficult to establish

commercial transactions that occur across country borders

Limited Partner is responsible for any debts of the partnership.

a particular group of consumers at which a product or service is aimed.

The board of directors is directly responsible for the stockholders

sending (goods or services) to another country for sale

the difference in value between a country's imports and exports

the capital raised by a business or corporation through the issue and subscription of shares.

the amount by which the value of a country's exports exceeds the cost of its imports