Business Ownership Chapter 1

a business owned by two or more persons who share the risks and rewards

• Partnership

• Joint Venture

• Cooperation

Stock –

• shares of ownership in a corporation

• Shares of ownership in a partnership

• Fish

Intermediary is a business that acts as a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors

• True

• False

Sole proprietorship-a business owned by______ person

• one

• Two

• any amount

a business treated by law as separate from its owners

• Corporation

• Partnership

• tax business

Unlimited liability is a full legal and financial responsibility for a business.

• True

• False

Limited liability-financial responsibility of business owners only for what they invested in a business

• True

• False

a contractual agreement to use the name and sell the goods or services of an existing company

• Franchise

• Cooperation

• Sole Proprietorship

Nonprofit organization-a business whose main purpose is to provide a service rather than to make a profit. An example of a nonprofit is

• Wal-Mart

• Church

• Hair Salon

Cooperative-an organization of businesses owned and operated by the __________, who pool their resources and share the benefits

• non-profit

• government

• members