Chapter 8 test Flashcards
(9 cards)
1
Q
Business
A
Also known as an enterprise of firm, is an organization involved with the trade of goods, services or both to consumers
2
Q
Most businesses are known as ____
A
Profit
3
Q
Profit
A
The difference between the costs and selling price
4
Q
General partnership
A
All parties have equal responsibility and are liable for debts
5
Q
Limited partnership
A
1 partner is a general partner and 1 or more partners are limited (not active in running day to day operations)
6
Q
Stock/share
A
Partial ownership
7
Q
Who has stocks/shares
A
Shareholders
8
Q
Franchisor
A
Creator and owner of the business
9
Q
Franchisee
A
Person that invests in the business model
