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Business Terminology

Business Terminology

Assessment

Flashcard

Business

10th Grade

Practice Problem

Easy

Created by

Pamela Goldman

Used 2+ times

FREE Resource

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16 questions

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1.

FLASHCARD QUESTION

Front

Partnership

Back

A business organization in which two or more individuals manage and operate the business. Both partners are equally personally responsible for the business's debts.

2.

FLASHCARD QUESTION

Front

Corporation

Back

A legal entity that is separate and distinct from its owners, offering limited liability to its shareholders but having its own legal rights and obligations.

3.

FLASHCARD QUESTION

Front

Business Plan

Back

A formal written document that contains the objectives of a business, the methods to achieve those objectives, and the timeframe for achievement.

4.

FLASHCARD QUESTION

Front

Creditor

Back

An entity (person or institution) that extends credit by allowing another entity to borrow money that must be repaid in the future.

5.

FLASHCARD QUESTION

Front

Proprietor

Back

An individual who owns a business establishment or a sole proprietorship.

6.

FLASHCARD QUESTION

Front

Limited Partnership

Back

A partnership in which some or all partners have limited liabilities, meaning they are not responsible for the business debts beyond their initial investment.

7.

FLASHCARD QUESTION

Front

Charter

Back

A legal document that provides for the creation of a corporate entity, describing its structure and governance.

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