Business Organizations Unit Test

Front

A business owned and run by one person.

Back

Sole Proprietorship

Front

The owner is personally and fully responsible for all losses and debts of the business.

Back

Unlimited Liability

Front

A stock of finished goods and parts in reserve.

Back

Inventory

Front

A business jointly owned by two or more persons.

Back

Partnership

Front

A court-granted permission to an individual or business to cease or delay debt payments.

Back

Bankruptcy

Front

Form of business org. recognized by law as a separate legal entity having all the rights of an individual

Back

Corporation

Front

A government document that gives permission to create a corporation (also specifies the # of shares of stock).

Back

Charter

Front

Ownership certificates in the firm.

Back

Stock

Front

Shares are sold to investors.

Back

Stockholders

Front

A check representing a portion of the corporate earnings.

Back

Dividend