BA10 1.02 Vocab

A business owned by one person.

The results when a business spends more money than it earns.

Money supplied by investors, banks, or owners of a business.

A person who transforms ideas for products and services into real-world businesses.

An organization that operates for purposes other than making a profit.

The amount of money earned above the amount of expense incurred to keep a business operating.

A business organization recognized by law to have a life of its own.

A system in which individuals are free to produce the goods and services they choose.

A business owned by 2 or more people who agree top operate a business as co-owners.

The legal permission, granted by a state, that gives a corporation certain rights, privileges and rules to operate.

The accounting assumption that a business exists independently of its owner's personal holdings.

The accounting assumption that a business is expected to survive and operate indefinitely.

A business that buys finished goods and resells them to individuals or other businesses.

A business that operates to earn a profit for its owners.

A business that provides a needed service for a fee.

A business that buys raw materials, transforms them into finished products and sells them to customers.