Chp. 4 Business in the Free Enterprise

Match the following

• Industry

• A group of businesses that produce the same type of goods or services.

• Limited Liability

• This license may be required if a proprietorship business uses a name other than the owner's name.

• Retailers

• Businesses that sell primarily to other businesses are in this market.

• Business-to-business

• Business that buys products from wholesalers or directly from producers and sells them to consumers to make a profit.

• Doing business as (DBA)

• Means stockholders and owners are not personally responsible for the debts and obligations of the business.

A share of ownership in a corporation is called

• Liability

• Partnership

• Dividend

• Stock

An association of two or more persons who co-own a business with the objective of earning a profit.

• Company

• Store

• Proprietorship

• Partnership

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

• Middle man

• Wholesaler

• Company

• Store

A group of individuals who make high-level management decisions for a corporation and establish company policies.

• Board of Directors

• Management Team

• Assembly

• Collective

In a private enterprise system, this directly provides consumers with products that meet their needs and wants.

• Service businesses

• Retailers

• Stores

• Wholesalers

Business that use supplies from other producers to make products.

• Assemblers

• Factories

• Extractors

• Manufacturers

Simplest and most common form of business ownership.

• Store

• Proprietorship

• Partnership

• Corporation

Exists to serve some public purpose.

• Company

• Union

• Not-for-profit organization

• Collective

Business that is an organization that generates revenue.

• Consumer

• Collective

• Union

• For-profit business