Chapter 4 Review

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Across
  1. 4. a form of business ownership that provides limited liability to its owners, but is taxed as a partnership
  2. 7. a partnership is formed when two or more persons voluntarily enter into an agreement or a legally-binding contract
  3. 11. a form of business ownership that combines the benefits of a corporation with those of proprietorships and partnerships
  4. 15. businesses that use supplies from other producers to make products, some use raw materials
  5. 16. earns products by providing consumers with services that meet their needs and wants.
  6. 19. businesses that buy products from wholesalers or directly from producers, and sell them to consumers to make a profit.
  7. 20. numeric system used to classify businesses and collect economic statistics.
  8. 21. an organization that generates revenue
  9. 24. Governmental organizations such as schools, military, and Internal Revenue Service
  10. 25. non-profit organizations that may be either public or private.
  11. 26. an organization that exists to serve some public purpose. The money it raises is used to support a cause rather than make money
Down
  1. 1. Businesses or people who take natural resources from the land sell these materials to manufacturers.
  2. 2. a business that is owned and operated by those using its services. Run democratically and normally have an elected board of directors
  3. 3. a business that is owned and often operated by a single individual
  4. 5. people and businesses that sell the goods and services from producers to customers
  5. 6. All other organizations that provide goods and services
  6. 8. sell primarily to individuals
  7. 9. a portion of the corporation’s earnings distributed to stockholders
  8. 10. businesses that create goods and services
  9. 12. an association of two or more persons who co-own a business, intending to earn a profit
  10. 13. businesses that sell primarily to other businesses
  11. 14. a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers (distributors)
  12. 17. defined by the US Supreme Court as an artificial being, invisible, intangible, and existing only in contemplation of the law. It is a business that is legally separate from its owners.
  13. 18. a group of individuals who make high-level management decisions for the business and establish company policies
  14. 22. a share of ownership in a corporation
  15. 23. legal responsibility