Unit Three Lesson Nine Economics

An arrangement in which a parent company, or franchiser, distributes its products or services

• Corporation

• Business Franchise

• Cooperative

• Partnership

A business organization that is jointly owned and operated by a group of individuals for their mutual benefit

• Corporation

• Partnership

• Nonprofit organization

• Cooperative

The legal responsibility to repay debts and to pay for damages resulting from a lawsuit

• Liability

• Ownership

• Responsibility

• Corporation

A business owned by shareholders who have limited liability for the firm’s debt

• Cooperative

• Corporation

• Multinational

• Nonprofit

A corporation that does business in more than one country

• Multinational corporation

• Nonprofit organization

• Business franchise

• Partnership

An organization that functions much like a business but does not operate to make a profit

• Cooperative

• Partnership

• Business franchise

• Nonprofit organization

A business owned by two or more co-owners who share profits from the business and are legally responsible for debts

• Cooperative

• Partnership

• Nonprofit organization

• Liability

A business owned and managed by one person

• Business franchis

• Dual ownership

• Sole proprietorship

• Cooperative

New business owners are often challenged by

• Financial insecurity

• Working long hours, often with little or no pay

• Finding the right employees

• All of the above

In 2013, what was the SECOND most common business organization type?

• sole proprietorships

• Corporations

• limited liability partnerships

• Partnerships