Chapter 5 Key Terms MC

Define the following key term: Business-to-business (B2B)

• Businesses who sell to other businesses

• Businesses who sell directly to consumers

• A type of business that operates only online

• A business model focused on government contracts

Define the following key term: Business-to-consumer (B2C)

• Businesses who sell directly to consumers

• Businesses who sell to other businesses

• Consumers who sell to businesses

• Consumers who sell to other consumers

Define the following key term: Cooperative

• A type of business that is owned and managed by members of a group who benefit from services

• A type of business that is owned by a single individual

• A type of business that is owned by shareholders

• A type of business that is managed by a board of directors

Define the following key term: Corporation

• A business owned by stockholders who share in profits and losses

• A small business owned by a single individual

• A non-profit organization focused on community service

• A government agency responsible for regulation

Define the following key term: Limited liability company

• A type of ownership that joins elements of a corporation and a partnership

• A type of business that is owned by shareholders and managed by a board of directors

• A sole proprietorship where the owner is personally liable for all debts

• A non-profit organization that operates for charitable purposes

Define the following key term: Partnership

• A form of business owned by two or more individuals who share management and profits

• A business owned by a single individual

• A corporation with shareholders

• A non-profit organization

Define the term: Regulation - A type of law that declares government control.

• Regulation

• Legislation

• Policy

• Guideline

Define the term: S-corporation - A corporation that requires its owners to file their profits and losses on their personal tax returns.

• S-corporation

• C-corporation

• Limited Liability Company

• Partnership

Define the term: Sole proprietorship - A business owned and operated by a single individual.

• Sole proprietorship

• Partnership

• Corporation

• Limited Liability Company