Buisness Chapter 6, 28 Terms

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Sole proprietorship- A business owned by one person
Unlimited liability- the owner is responsible for the company's debt Partnership- a business owned by two or more people
Corporation- a company that is registered by state and operates apart from its owners Limited liability- holds a firm's owner responsible for no more than the capital that they have invested in it. Cooperative- an organization that is owned and operated by its members Nonprofit organization-an organization that focuses on providing services rather than making money. Franchise- a contractual agreement to use the name and sell the products of a company in a designate geographic area. Producer- a business that gathers raw goods.

Processor- changes raw materials into more finished products Manufacturer- a business that makes finished products out of processed goods. Intermediary- a baseness that moves goods from one business to another Wholesaler- distributes goods.

Retailer- purchases goods from a wholesaler and sells them to consumers Production- the process of creating, expanding, manufacturing, or improving goods or services. Procurement- the buying and reselling of goods that have already been produced. Marketing- the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services. Management- the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources. Finance- the business or art of money management.

Accounting- maintaining and checking records, handling bills, and preparing financial reports for a business. Sole- single
Income- amount of money made
Partners- people who work together
Regulates- controls
Distributes- spreads throughout
Tasks- jobs or goals
Function- production, procurement, marketing, management, finance, and accounting Involves- includes
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