ECON Chapter 5 LT Quiz

A business owned by one person

• Sole Proprietorship

• franchise

• Single Ownership

• business organization

the ownership structure of a company or firm

• business organization

• business zoning

• business plan

• business structure

authorization to start a business issued by the local government

• business license

• zoning

• patent

• business permission

laws in a city or town that designate certain areas, or zones, for residential and business use

• zoning laws

• zoning districts

• zone regulations

• business divisions

An amount owed by a business

• liability

• tax liability

• refund from zoning

• billing statements

payments to employees other than wages or salary

• fringe benefits

• insurance

• bonuses

• incentives

A business in which two or more persons combine their assets and skills

• Partnership

• corporation

• franchise

• public business

partnership in which partners share equally in both responsibility and liability

• General Partnership

• Limited Partnership

• Partnership

• Corporation

form of partnership where one or more partners are not active in the daily running of the business, and whose liability for the partnership's debt is restricted to the amount invested in the business

• limited partnership

• general partnership

• partnership

• franchise

a partnership agreement that spells out each partner's rights and responsibilities

• articles of partnership

• contract

• partnership amendments

• partner's agreement