Chapter 6: Business Ownership and Operations

A(n) ________ goods from a wholesaler and sells them to consumers, the final buyers of the goods.

________ is the buying and reselling of goods that have already been produced.

A(n) ________ is a business that gathers raw goods.

________ perform tasks rather than provide goods.

________ is the process of creating, expanding, manufacturing, or improving goods and services.

There are three main types of business organizations: ________, partnerships, and corporations.

________ is the business or art of money management.

A(n) ________ is an organization that is owned and operated by its members.

Limited ________ holds a firms owners responsible for no more than the capital that they have invested in it.

A(n) ________ is a business that makes finished products out of processed goods.

________ are also known as distributors.

A(n) ________ is a contractual agreement to use the name and sell the products or services of a company in a designated geographic area.

________ is the process of achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.

Accounting involves maintaining and checking records, handling bills, and preparing ________ for a business.

It requires analyzing ________ to make future decisions.

A(n) ________, or nonprofit, is a type of organization that focuses on providing a service, but not to make a profit.

A(n) ________ is a business owned by one person.

sole proprietorships, partnerships, and corporations