| A | B |
|---|
| Producers | they create or gather products and services for distribution |
| Processors | businesses that change these natural materials from their original forms into more finished forms |
| Manufacturers | turn raw or processed goods into finished goods |
| Intermediary | a business that moves goods from one business to another |
| Wholesaler | buy goods from manufactuters in huge qunatities and resell them in smaller quantities |
| Retailer | business that purchases goods from a wholesaler and resells them to the final consumer |
| Sole Proprietorship | A business owned by only one person. |
| Unlimited Liability | Full responsibility for the company's debt. |
| Partnership | A business owned by two or more persons who share the risks and rewards. |
| Corporation | A business owned by many people but treated by law as one person. |
| Stock | Shares of ownership in corporation. |
| Limited Liability | Only lose what was invested. |
| Franchise | A contractual agreement to sell a company's products or services in a designated geographic area. |
| Nonprofit Organization | A type of business that focuses on providing a service rather than making a profit. |
| Cooperative | An organization owned and operated by its members for the purpose of saving money on the purchase of certain goods and services. |
| Limited Life | The business legally ends when the owner leaves or dies |
| Limited Liability Partnership(LLP) | identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in day-to-day management of the business |
| Joint Venture- | a unique business organized by 2 or more other businesses to operate for a limited time for a specific project (partnership) |
| S Corporation- | offers the limited liability of a corporation |
| Limited Liability Company (LLC) | provides features of partnership and corporation |
| Non-profit organization | a group of people who join to do some activity that benefits the public |
| Cooperative | owned by its members, served their needs and is managed in their interest |
| mission statement | a short specific written statement for the reason of a business exists and what it wants to achieve |
| Goal | a precise statement of results the business expects to achieve (SMART |
| Policies | are guidelines used in making consistent decisions |
| Procedures | descriptions of the way work is to be done |
| Organizational chart | a diagram that shows the structure of an organization, classification of work and relationship among those classifications |
| Functional organization structure | organized by function such as production, operations, marketing |
| Matrix organizational structure | designed around projects, projects or customers |
