Econ Chapter 3 Vocabulary

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Across
  1. 2. 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. 4. report showing a business’s sales, expenses, and profits for a certain period, usually three months or a year
  3. 8. certificate of ownership in a corporation; common or preferred stock
  4. 9. combination of two or more firms producing the same kind of product
  5. 12. gradual wear on capital goods during production
  6. 15. economic institution that operates like a business but does not seek financial gain; schools, churches, community service organizations
  7. 17. company providing essential services such as water and electricity to consumers, usually subject to some government regulations.
  8. 18. requirement that an owner is personally and fully responsible for all losses and debts of a business; applies to proprietorships, general partnerships
  9. 22. nonprofit association performing some kind of economic activity for the benefit of its members
  10. 23. measure of business profits determined by subtracting all expenses, including taxes, from revenues
  11. 24. check paid to stockholders, usually quarterly, rep­resenting portion of corporate profits
  12. 26. stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production
  13. 27. firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales
  14. 29. combination of two or more business enterprises to form a single firm
  15. 30. amount borrowed when getting a loan or issuing a bond
  16. 31. Nonprofit organization of local businesses whose purpose is to promote their interests
  17. 32. See stockholder
  18. 33. court-granted permission to an individual or business to cease or delay payment on some or all debts for a limited amount of time
  19. 34. 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
  20. 35. corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
Down
  1. 1. total amount of new funds the business generates from operations; broadest measure of profits for a firm, includes both net income and non-cash charges
  2. 3. business-sponsored nonprofit organization providing information on local companies to consumers.
  3. 5. person who owns a share or shares of stock in a corporation; same as shareholders
  4. 6. non profit organizations of professional or specialized workers seeking to improve working conditions, skill levels, and public perceptions of its profession.
  5. 7. process of negotiation between union and management representatives over pay, benefits and job-related matters.
  6. 10. payment made for the use o f borrowed money; usually paid at periodic intervals for long-term bonds or loans
  7. 11. 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 o f business organization in the United States
  8. 13. 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
  9. 14. written government approval to establish a corpora­tion; includes company name, address, purpose of business, number of shares of stock, and other features of the business
  10. 16. nonprofit services cooperative that accepts deposits, make loans, and provide other financial services
  11. 19. situation in which a firm legally ceases to exist when an owner dies, quits, or a new owner is added; applies to sole proprietorships and partnerships
  12. 20. formal contract to repay borrowed money and interest on the borrowed money at regular future intervals
  13. 21. combination of firms involved in different steps of manufacturing or marketing
  14. 25. process of negotiation between union and management representatives over pay, benefits, and job-related matters
  15. 28. feature of taxation that allows stockholders’ dividends to be taxed both as corporate profit and as per­sonal income