Apex Economics 2.4 Business Models and Model Businesses – Flashcards
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Board of Directors
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A group of people elected by the stockholders to run the corporation.
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Business Model
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The way a company operates its business.
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Business Plan
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A description of a company's intended business model.
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Corporate Culture
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A company's values, beliefs, business principles, traditions, ways of operating, and internal work environment.
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Corporation
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A business that is a legal entity on its own in which stockholders and the board of directors are in control.
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Dividend
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A proportion of a company's profit paid to stockholders.
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General Partnership
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A business where each partner is fully responsible and has unlimited liability for the debts of the business.
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Limited Liability
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Liability that is limited to a partner's investment.
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Limited Partnership
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A business where each partner's liability is limited only to his or her investment in the partnership.
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Nonprofit Corporation
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A corporation organized to benefit its members or a special cause, not to make a profit.
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Partnership
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A business owned and operated by two or more people.
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Private Corporation
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A corporation whose shares are not publicly traded on any exchange.
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Public Corporation
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A corporation that trades shares of its stock on a public stock exchange.
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Retailer
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Someone who sells goods directly to customers.
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Share
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A percentage of ownership.
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Sole Proprietorship
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A business owned and managed by a single individual.
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Stock
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A certificate showing a share of ownership in a corporation.
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Stockholder
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A holder or owner of one or more shares of the stock of a corporation.
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Unlimited Liability
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The owner's personal responsibility for any debts or damages incurred by the operation of a business.
