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Related Flashcards
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Cards In This Set
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Sole Proprietorship or Proprietorship
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A business owned and run by one person.
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Unlimited Liability
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This means that the owner is personnaly and fully responsible for all loses and debts of the business.
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Inventory
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A stock of finshed goods and parts in reserve-to satisfy customers or keep production flowing smoothly.
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Limited Life
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This means that the firm legally ceases to exist when the owner dies, qiuts, or sells the business.
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Partnership
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A business jointly owned by two or more persons.
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Limited Partnership
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The limited partners have limited liability.
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Bankruptcy
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A court-granted permission to an indiviuals or business to cease or dely dedt payments.
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Corporation
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A form of business organization recognized by law as a separate legal entity having all the rights of an indiviual.
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Charter
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A goverment document that gives permisson to create a corporation is granted.
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Stock
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Ownership certificates in the firm.
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Stockholders
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Share are sold to invest.
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Dividend
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Check representing a portion of the corpate earning- to each stockholder.
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Bond
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A written promise to repay the amount borrowed at a later date.
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Principal
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The amount borrowed.
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Interest
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The price paid for the use of another's money.
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