Ch. 3

4. 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
8. nonprofit association performing some kind of economic activity for the benefit of its members
10. 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
12. corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
14. firm with four or more business making unrelated product, with no single business responsible for a majority of its sales
16. combination of two or more business enterprises to form a single firm
17. check paid to stockholders, usually quarterly, representing portion of corporate profits
18. court-granted permission to an individual or business to cease or delay payment on some or all debts for a limited amount of time

1. combination of firms involved in different steps of manufacturing or marketing
2. requirement that an owner in personally and fully responsible for all losses and debts of a business; applies to proprietorships, general partnerships
3. feature of taxation that allows stockholders' dividends to be taxed both as corporate profit and as personal income
5. combination of two or more firms producing the same kind of product
6. utility company providing essential services such as water and electricity to consumers, usually subject to some government regulations
7. gradual wear on capital goods during production
9. economic institution that operates like a business but does not seek financial gain; schools, churches, community service organizations
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
13. stock of goods held in reserve; includes finished goods waiting to be sold and raw materials to be used in production
15. amount borrowed when getting a loan or issuing a bond