Business Chapter 4

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  1. A business that is owned (and usually operated) by one person.
    Sole proprietorship
  2. A legal concept that holds a business owner personally responsible for all the debts of the business.
    Unlimited liability
  3. A voluntary association of two or more persons to act as co-owners of a business for profit.
  4. A person who assumes full or shared responsibility for operating a business.
    Gerneral partner
  5. A person who invests money in a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership.
    Limited partner
  6. An artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts.
  7. The shares of ownership of a corporation.
  8. A person who owns a corporation's stock.
  9. A corporation whose stock is owned by relatively few people and is not sold to the general public.
    Closed corporation
  10. A corporations whose stock can be bought and sold by any individual.
    Open corporation
  11. A corporation in the state in which it is incorporated.
    Domestic corporation
  12. A corporation in any state in which it does business except the one in which it is incorporated.
    Foreign corporation
  13. A corporation chartered by a foreign government and conducting business in the United States.
    Alien corporation
  14. Stock owned by individuals or firms who may vote on corporate matters but whose claoms on profits and assets are subordinate to the claims of others.
    Common stock
  15. Stock owned by individuals or firms who sually do not have votng rights but whose claims on dividends are paid before those of common-stock owners.
    Preferred stock
  16. A distribution of earnings to the stockholders of a corporation.
  17. A legal form listing issues to be decided at a stockholders' meeting and enabling stockholders to transfer their voting rights to some other individual or individuals.
  18. The top governing body of a corporation, the members of which are elected by the stockholders.
    Board of directors
  19. The chairman of the board, president, executive vice presidents, corporate secretary, treasurer, and any other top executive appointed by the board of directors.
    Corporate officers
  20. A feature of corporate ownership that limits each owner's financial liability to the amount of money that he or she has paid for the corporation's stock.
    Limited liability
  21. A corporation that is taxed as though it were a partnership.
  22. A form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and desadvantages of those forms of ownership.
    Limited-Liability Company (LLC)
  23. A corporation organized to provide a social, educational, religious, or other service rather than to earn a profit.
    Not-for-profit corporation
  24. An ageement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time.
    Joint venture
  25. A temporary association of individuals or firms organied to perform a specific task that requires a large amount of capital.
  26. The purchase of one corporation by another.
  27. A ituation in which the management and board of directors of a fir targeted for acquistition desapprove of the merger.
    Hostile takeover
  28. An offer to purchase the stock of a firm targeted for acquisition at a price just high enough to tempt stockholders to sell their shares.
    Tender offer
  29. A technique usedto gather enough stockholder votes to control a targeted company.
    Proxy fight
Card Set:
Business Chapter 4
2013-03-03 00:50:52

spring 2013
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