Chapter 6 Business Ownership

An organization owned and operated by its members.

Who distributes the goods?

A business owned by one person.

A contractual agreement to use the name and sell the products of a company in a designated area

An organization that focuses on providing a service, but not to make a profit.

Which of the following is NOT a main type of business organization from the chapter?

A license to run a corporation.

A business owned by two or more people who share its risks and rewards.

The process of creating, expanding, and improving goods and services.

T or F: A producer is a business that gathers raw goods.

A company that is registered by a state and operates apart from its owners.

T or F: The functional areas of business do not depend on each other.

Involves maintaining and checking records, handling bills, and preparing reports.

Purchases goods from a wholesaler and sells them to consumers.

Holds a firm's owner responsible for no more than the capital they they invested in.