chapter 3

4. combination of two or more firms producing the same kind of product
5. amount borrowed when getting a loan or issuing a bond
7. corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
9. company providing essential services such as water and electricity to consumers, usually subject to some government regulations
11. form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, sue and be sued
12. unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United states
13. to be taxed both as corporate profit and as personal income merger combination of two or more business enterprises to form a single firm
15. court-granted permission to an individual or business to cease or delay payment on some or all debts for a limited amount of time
17. feature of taxation that allows stockholders’
18. stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production

1. unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm same as general partnership
2. requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, general partnerships
3. combination of firms involved in different steps of manufacturing or marketing
6. firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales
8. economic institution that operates like a business but does not seek financial gain; schools,churches, community service organizations
10. nonprofit association performing some kind of economic activity for the benefit of its members corporate income tax tax on corporate profits
14. gradual wear on capital goods during production
16. check paid to stockholders, usually quarterly, representing portion of corporate profits