Chapter 7 Terms Flashcards Preview

Economics > Chapter 7 Terms > Flashcards

Flashcards in Chapter 7 Terms Deck (14):
1

A business firm that is owned by one person

sole proprietorship

2

A lender to whom a debt is owed

Creditor

3

A business firm that is owned by two or more people

Partnership

4

A business firm owned by two or more people

General partnership

5

A partner in a limited partnership who has no management responsibilities and no liabilities in the firm other than his total investment

Limited partner

6

a partnership in which there is at least one general partner who has unlimited personal financial liability and decision-making responsibility and at least one limited partner

limited partnership

7

one who obligates himself to pay the debts of another; a cosigner

Surety

8

agreeing to pay the debt of another person if he does not pay it

Cosigning

9

A business entity recognized by the government as separate from its owners or stock holders

Corporation

10

A corporation owned by private citizens

Private corporation

11

A corporation owned by the general public and managed by the government

Public corporation

12

shares or portions of ownership in a corporation

Stock

13

A corporate status for small businesses that allows them to continue being taxed at the lower personal income tax rates

subchapter S corporation

14

A form of business organization that combines the benefits of a corporation with those of a partnership

Limited liability company (LLC)