Chapter 3.1 terms

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Katelynk1217
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307599
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Chapter 3.1 terms
Updated:
2015-09-09 22:29:02
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Government economics
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Vocab
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  1. Unincorporated business owned by a single individual who has all rights to profits and unlimited liability for debts of firm, most common form of business organization in the U.S.
    Sole proprietorship
  2. the owner is personally and fully responsible for all losses and debts of the business
    unlimited liability
  3. a stock of finished goods and parts in reserve to satisfy customers/to keep production flowing smoothly
    Inventory
  4. the firm legally ceases to exist when the owner dies, quits,or sells the business
    Limited life
  5. a business that is jointed owned by 2 or more people
    Partnership
  6. most common form of partnership;all partners are responsible for management and financial obligations of then business
    General partnership
  7. at least one partner is not active in the daily running of the business
    Limited partnership
  8. a form of business organization recognized by law as a separate legal entity with all rights of an individual
    corporation
  9. government document that gives permission to create a corporation
    Charter
  10. ownership certificates in firm
    Stock
  11. buy a stock and own part of the corporation
    Stock holder
  12. also called stock holder
    Shareholder
  13. a check that transfers a portion of the corporate earnings to each stockholder
    Dividend
  14. represents basic ownership of a corporation(vote on board of directors) (usually works in business itself)
    Common stock
  15. represents non voting ownership shares of the corporation (goes to bank and buys stock)
    Preferred stock
  16. a written promise to repay the amount borrowed at a later date
    Bond
  17. Amount of money borrowed
    principal
  18. the price paid for use of another's money
    Interest
  19. means that the stockholder dividends are taxed twice
    Double taxation

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