Principles of Business Chapter 6

Companies benefit when all functional areas

Processed goods include all of the following EXCEPT

Disadvantage of a corporation

The most common type of business in the United States are

The process of planning, pricing, promoting, selling, & distributing goods and services is

Example of a franchise

Non-profit organizations

About half of all businesses in the United States are sole proprietorships

Retailers get their goods from

Unlimited liability means

Income from a corporation is taxed twice

A major disadvantage of owning a sole proprietorship is that the owner has limited liability

Manufacturers turn raw or processed goods into

Achieving company goals by planning, organizing, directing, controlling, & evaluating

Banks are more willing to lend to a partnership than a sole proprietorship

An advantage of a partnership

3 main types of business organizations, sole proprietorship, partnerships, corporations

Partners share __ legal and financial liability