Ch 8.1 Notes & 1-7 -business organization - an establishment formed to carry on commercial enterprise -sole proprietorship - a business owned and managed by a single individual -the best part of this is you have an easy start up -there is also very few regulations -everything that is a liability is your own liability -business license - authorization to start a business issued by the local govt. -zoning law - law in a city or town that disignates seperate areas for residency and for business -liability - the legally bound obligation to pay debt -fringe benefit - payment other than wages or salaries 1.business organization - an establishment formed to carry on commercial enterprise 2. sole proprietorship - a business owned and managed by a single individual 3. Business licenses and zoning laws are restrictions that keep the businesses from taking over the people 4. sole proprietors are in charge of all liabilities that relate to businesses. 5. If people pay under the table, or with goods, they don't have to cover their employees in taxes. 6. A physical therapist could start as a sole proprietorship the easiest because you only need to have one person as the physical therapist and they could take care of all the needs of their customers. 7. I seek out responsibility, am willing to take risks, believe in myself, desire to reach my full potentials, have hight energy, am upbeat/optimistic, look forward to the future, value achievement over money, maintain flexibility when
Ch 8.2 1-8
1. Partnerships is a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
2. general partnerships are partnerships in which partners share equally in both responsibility and liability. limited partnerships is when only one partner is required to be a general partner. limited liability partnerships are partnerships in which all partners are limited powers.
3. articles of partnership cover all issues in making owning a business fair to all owners(how much work, how much profit, how much loss)
4. a uniform partnership act is a written partnership act that people can apply to their companies when they don't feel the need to write their own.
5. accountants and physicians find limited liability partnerships attractive because doctors and lawyers love to stray away from as much liability as possible to fill their pockets the most efficiently.
6. NO, being in a partnership can be extremely difficult because no two people think 100% alike 100% of the time and there is a high chance of terrible arguments that can ruin relationships among people.
7. I would try to take charge and divi out the jobs so that everything gets done properly and most efficiently.
8. There are some limitations set for partners. I would do all the manual labor and he would do the book work. I would hate it.
Ch. 8 Notes
-corporation - a legal entity owned by individual stockholders
-stock - a certificate of ownership in a corporation
-closely held corporation - corporations that issues stock to only a few people often family members
-publicly held corporation - corporation that sells stock to the open market
-bond - a formal contract to repay borrowed money with an interest at fixed intervals
-certificate of corporation - license to form a corporation issued by state govt.
-dividend - the portion of corporate profits paid out to stockholders
-horizontal merger - the combination of two or more firms competing in the same market with the same good or service
-vertical merger - the combination of two or more firms involved in different stages of producing the same good or service
-vertical merger - the combination of two or more firms involved in different stages of producing the same good or service
-conglomerate - business combination merging more than three businesses that make unrelated products
-multinational corporation - large corporation that produces and sells its goods and services throughout the world
"Quiz Ch 8"
1. a business organization is
a)an establishment formed to carry on commercial enterprise
b)a business owned and managed by a single individual
c)authorization to start a business issued by the local govt.
d)law in a city or town that designates separate areas for residency and business
2. sole proprietorship is a)an establishment formed to carry on commercial enterprise b)a business owned and managed by a single individual c)authorization to start a business issued by the local govt. d)law in a city or town that designates separate areas for residency and business
3. a business license is a)an establishment formed to carry on commercial enterprise b)a business owned and managed by a single individual c)authorization to start a business issued by the local govt. d)law in a city or town that designates separate areas for residency and business
4. a zoning law is a)an establishment formed to carry on commercial enterprise b)a business owned and managed by a single individual c)authorization to start a business issued by the local govt. d)law in a city or town that designates separate areas for residency and business
5. a liability is a)the legally bound obligation to pay debt b)payment other than wages or salaries c)a business owned by two or more persons who agree on a specific division of responsibilities and profits d)a partnership in which partners share equally in both responsibility and liability
6. fringe benefits are a)the legally bound obligation to pay debt b)payment other than wages or salaries c)a business owned by two or more persons who agree on a specific division of responsibilities and profits d)a partnership in which partners share equally in both responsibility and liability
7. a partnership is a)the legally bound obligation to pay debt b)payment other than wages or salaries c)a business owned by two or more persons who agree on a specific division of responsibilities and profits d)a partnership in which partners share equally in both responsibility and liability
8. a general partnership is a)the legally bound obligation to pay debt b)payment other than wages or salaries c)a business owned by two or more persons who agree on a specific division of responsibilities and profits d)a partnership in which partners share equally in both responsibility and liability
9. limited partnership is a)the legally bound obligation to pay debt b)payment other than wages or salaries c)a business owned by two or more persons who agree on a specific division of responsibilities and profits d)a partnership in which partners share equally in both responsibility and liability
10. limited liability partnership is a)partnership in which all partners are limited partners b)a partnership agreement c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership d)money and other valuables belonging to an individual or business
11. articles of partnership are a)partnership in which all partners are limited partners b)a partnership agreement c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership d)money and other valuables belonging to an individual or business
12. Uniform partnership act is a)partnership in which all partners are limited partners b)a partnership agreement c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership d)money and other valuables belonging to an individual or business
13. Assets are a)partnership in which all partners are limited partners b)a partnership agreement c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership d)money and other valuables belonging to an individual or business
14. A corporation is a legal entity owned by individual stockholders True/False
15. Stock is Mr Thompson True/False
Ch 8.4 1-6
1. business franchise - a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area.
2. royalties - shares of earnings given as a payment
3. cooperative - a business organization owned and operated by a group of individuals for their mutual benefits
4. consumer cooperatives are retail outlets owned and operated by consumers, service cooperatives are cooperatives that provide services rather than goods, and producer cooperatives are agricultural marketing cooperatives that help members sell their products.
5. a nonprofit organization is an institution that functions much like a business but doesn't operate for the purpose of generating profits.
6. professional organizations are nonprofit organizations that work to improve the image, working conditions, and skill levels of people in particular organizations. business association are nonprofit organizations that promotes the collective business interests for a city, state, or other geographical area, or for a group similar to a business. Trade associations are nonprofit organizations that promote the interests of particular industries.
-business organization - an establishment formed to carry on commercial enterprise
-sole proprietorship - a business owned and managed by a single individual
-the best part of this is you have an easy start up
-there is also very few regulations
-everything that is a liability is your own liability
-business license - authorization to start a business issued by the local govt.
-zoning law - law in a city or town that disignates seperate areas for residency and for business
-liability - the legally bound obligation to pay debt
-fringe benefit - payment other than wages or salaries
1.business organization - an establishment formed to carry on commercial enterprise
2. sole proprietorship - a business owned and managed by a single individual
3. Business licenses and zoning laws are restrictions that keep the businesses from taking over the people
4. sole proprietors are in charge of all liabilities that relate to businesses.
5. If people pay under the table, or with goods, they don't have to cover their employees in taxes.
6. A physical therapist could start as a sole proprietorship the easiest because you only need to have one person as the physical therapist and they could take care of all the needs of their customers.
7. I seek out responsibility, am willing to take risks, believe in myself, desire to reach my full potentials, have hight energy, am upbeat/optimistic, look forward to the future, value achievement over money, maintain flexibility when
Ch 8.2 1-8
1. Partnerships is a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
2. general partnerships are partnerships in which partners share equally in both responsibility and liability. limited partnerships is when only one partner is required to be a general partner. limited liability partnerships are partnerships in which all partners are limited powers.
3. articles of partnership cover all issues in making owning a business fair to all owners(how much work, how much profit, how much loss)
4. a uniform partnership act is a written partnership act that people can apply to their companies when they don't feel the need to write their own.
5. accountants and physicians find limited liability partnerships attractive because doctors and lawyers love to stray away from as much liability as possible to fill their pockets the most efficiently.
6. NO, being in a partnership can be extremely difficult because no two people think 100% alike 100% of the time and there is a high chance of terrible arguments that can ruin relationships among people.
7. I would try to take charge and divi out the jobs so that everything gets done properly and most efficiently.
8. There are some limitations set for partners. I would do all the manual labor and he would do the book work. I would hate it.
Ch. 8 Notes
-corporation - a legal entity owned by individual stockholders
-stock - a certificate of ownership in a corporation
-closely held corporation - corporations that issues stock to only a few people often family members
-publicly held corporation - corporation that sells stock to the open market
-bond - a formal contract to repay borrowed money with an interest at fixed intervals
-certificate of corporation - license to form a corporation issued by state govt.
-dividend - the portion of corporate profits paid out to stockholders
-horizontal merger - the combination of two or more firms competing in the same market with the same good or service
-vertical merger - the combination of two or more firms involved in different stages of producing the same good or service
-vertical merger - the combination of two or more firms involved in different stages of producing the same good or service
-conglomerate - business combination merging more than three businesses that make unrelated products
-multinational corporation - large corporation that produces and sells its goods and services throughout the world
"Quiz Ch 8"
1. a business organization is
a)an establishment formed to carry on commercial enterprise
b)a business owned and managed by a single individual
c)authorization to start a business issued by the local govt.
d)law in a city or town that designates separate areas for residency and business
2. sole proprietorship is
a)an establishment formed to carry on commercial enterprise
b)a business owned and managed by a single individual
c)authorization to start a business issued by the local govt.
d)law in a city or town that designates separate areas for residency and business
3. a business license is
a)an establishment formed to carry on commercial enterprise
b)a business owned and managed by a single individual
c)authorization to start a business issued by the local govt.
d)law in a city or town that designates separate areas for residency and business
4. a zoning law is
a)an establishment formed to carry on commercial enterprise
b)a business owned and managed by a single individual
c)authorization to start a business issued by the local govt.
d)law in a city or town that designates separate areas for residency and business
5. a liability is
a)the legally bound obligation to pay debt
b)payment other than wages or salaries
c)a business owned by two or more persons who agree on a specific division of responsibilities and profits
d)a partnership in which partners share equally in both responsibility and liability
6. fringe benefits are
a)the legally bound obligation to pay debt
b)payment other than wages or salaries
c)a business owned by two or more persons who agree on a specific division of responsibilities and profits
d)a partnership in which partners share equally in both responsibility and liability
7. a partnership is
a)the legally bound obligation to pay debt
b)payment other than wages or salaries
c)a business owned by two or more persons who agree on a specific division of responsibilities and profits
d)a partnership in which partners share equally in both responsibility and liability
8. a general partnership is
a)the legally bound obligation to pay debt
b)payment other than wages or salaries
c)a business owned by two or more persons who agree on a specific division of responsibilities and profits
d)a partnership in which partners share equally in both responsibility and liability
9. limited partnership is
a)the legally bound obligation to pay debt
b)payment other than wages or salaries
c)a business owned by two or more persons who agree on a specific division of responsibilities and profits
d)a partnership in which partners share equally in both responsibility and liability
10. limited liability partnership is
a)partnership in which all partners are limited partners
b)a partnership agreement
c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership
d)money and other valuables belonging to an individual or business
11. articles of partnership are
a)partnership in which all partners are limited partners
b)a partnership agreement
c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership
d)money and other valuables belonging to an individual or business
12. Uniform partnership act is
a)partnership in which all partners are limited partners
b)a partnership agreement
c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership
d)money and other valuables belonging to an individual or business
13. Assets are
a)partnership in which all partners are limited partners
b)a partnership agreement
c)act ordering common ownership interests, profit and loss sharing, and shared management responsibilities in a partnership
d)money and other valuables belonging to an individual or business
14. A corporation is a legal entity owned by individual stockholders
True/False
15. Stock is Mr Thompson
True/False
Ch 8.4 1-6
1. business franchise - a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area.
2. royalties - shares of earnings given as a payment
3. cooperative - a business organization owned and operated by a group of individuals for their mutual benefits
4. consumer cooperatives are retail outlets owned and operated by consumers, service cooperatives are cooperatives that provide services rather than goods, and producer cooperatives are agricultural marketing cooperatives that help members sell their products.
5. a nonprofit organization is an institution that functions much like a business but doesn't operate for the purpose of generating profits.
6. professional organizations are nonprofit organizations that work to improve the image, working conditions, and skill levels of people in particular organizations. business association are nonprofit organizations that promotes the collective business interests for a city, state, or other geographical area, or for a group similar to a business. Trade associations are nonprofit organizations that promote the interests of particular industries.