Business and Labor – Flashcards
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Sole Proprietorship
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A business owned and managed by a single individual
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Which of the following is not a disadvantage of sole proprietorship
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Legal Constraints
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Business organization
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An establishment formed to carry commercial enterprise.
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The most prominent form of a business organization is a partnership?
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False
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What is a fringe benefit?
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A payment other than wages or salaries
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Zoning Law
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Regulation in a city or town that designates separate ares for residency and business
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Business License
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Authorization to start a business issue by the local government
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Fringe Benefits
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Payment other than wages.
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Dr. Ruiz shares equal responsibility and liability with her colleagues in their medical practice. Her practice is?
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General Partnership
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The advantages of partnership include ease of start up, shared decision making and a larger pool of capital?
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True
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What are the money and other valuables that belong to a corporation to partnership called?
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Assets
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General Partnership
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A business in which owners share equally in both responsibility and liability
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limited partnership
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An establishment owned by two or more persons in which only one person has unlimited personal liability for the business
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If a general partnership fails, who is responsible for the debts?
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All of them, anyone who works for the partnership, most senior general partner
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Shared decision making and specialization is an advantage of;
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Partnership
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Uniform Partnership Act(UPA)
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Act ordering common ownership interests, profit and loss sharing, and shared management responsibility in a partnership
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Corporation
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A legal entity owned by individual stockholders
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This is a formal contract to repay borrowed money with interest at fixed intervals
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Bond
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Bond
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A certificate issued by a corporation promising to repay a loan with interest to the buyer
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Stock
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A certificate of ownership in a corporation
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When two giant automakers, Chrysler Corporation and Daimler-Benz, merged to form a single corporation, which type or merger was it?
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Horizontal
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Your running shoes were designed in th eUS but assembled in Asia by a company called RunnerPro. RunnerPro is a?
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Multinational Corporation
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Horizontal Merger
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The joining of two or more firms competing in the same mart with the same goodor service.
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Stock
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A share representing a portion of ownership in a corporation
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Trade Association
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Non profit association that promotes the interest of a particular industry
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Non profit organization
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Institution that functions much like a business, but does not operate for the purpose of generating profits
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What are royalties?
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A percentage of a franchise's earnings paid to the parent company
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Professional organizations are nonprofit organizations that work to improve the image, working conditions, and skill level of people in particular occupations
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True
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Advantages of business franchises include: management training and support, standardized quality, national advertising programs,financial assistance and centralized buying power
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True
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A business owner purchases a convenience store that has branches throughout the country. As part of this purchase, the business owner pays fees to the parent company that owns the name of the convenience store. Which type of business does this best describe?
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Business franchise
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Cooperative
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a business organization owned and operated by a group of individuals for their mutual benefit
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producer cooperative
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agricultural marketing cooperative that helps members sell their products.
