Chapter 6: Business Ownership and Operations

retailer purchases

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

Procurement

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

Producer

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

Service businesses

________ perform tasks rather than provide goods.

Production

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

sole proprietorships

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

Finance

________ is the business or art of money management.

Cooperative

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

liability

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

Manufacturer

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

Wholesalers

________ are also known as distributors.

Franchise

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

Management

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

financial reports

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

financial statements

It requires analyzing ________ to make future decisions.

Nonprofit organization

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

Sole proprietorship

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

There are three main types of business organizations

sole proprietorships, partnerships, and corporations