Principles of Business Chapter 4

This type of business generates revenue.

• Consumer

• Collective

• For-profit business

This type of business exists to serve some public purpose.

• Company

• Not-for-profit organization

• Union

A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers.

• Wholesaler

• Business

• Company

The numeric system used to classify businesses and collect economic statistics.

• Employer Identification Number (EIN)

• Bureau of Labor Statistics (BLS)

• North American Industry Classification System (NAICS)

The owners of a corporation

• CEO

• Board of Directors

• Stockholders

The group of individuals who make high-level management decisions & establish policies at a corporation.

• CEO

• Board of Directors

• Stockholders

Governmental agencies, like Health and Human Services, are part of the public or private sector.

• Public

• Private

Limited Liability means:

• Owner are not personally responsible for debts & obligations for the business.

• Owner are personally responsible for debts & obligations for the business.

This type of license may be required if using a business name other than the owner's name.

• DBA (doing-business-as)

• EIN (Employer Identification Number)

• LLC (Limited Liability Company)

What are the three basic forms of business ownership?

• Public, Not-for-profit, Retailer

• Business-to-consumer, NAICS, Business Market

• Producer, Extractor, Manufacturer

• Proprietorship, Partnership, Corporation