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3 types of Businesses
Service, Merchandising/retail,Manufactoring
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Forms of business
Proprietorship, Partnership,corporation, limited liability company
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Proprietorship
owned by one
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partnership
owned by 2 or more
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corporation
organized under state or federal statues
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LLC
combines attributes of a partnership and a corporation
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Business stakeholder
person or entity with an interest in the economic performance and well being of a company.
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Financing activites
to obtain the necessary funds to organize and operate the company
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Investing activites
to obtain assets such as buildings and equipment to begin and operate the company
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Operating activites
To earn revenues and profits
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Liability
legal obligation to repay the amount borrowed according to the terms of the borrowing agreement.
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Account payble
When a compay borrows from a vendor or supplier
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Bonds payable
Bond obligations, borrowing of money over a period of time
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Interest payable
Interest that is due for borrowed money
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Common stock
The basic type of stock issued to owners
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Capital stock
refers to all the types of stock a corporation may issue.
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Assets
The resources owned by a corporation.
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Dividends
Distributions of earnings to stockholders
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Tangible assets
Physical characteristics in a resource owned by a corporation
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Intangible Assets
Non physical characteristics for example a patent.
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Prepaid expenses
Assest paid for before being consumed.
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Accounting recievable
Rights to payments from customers who purchase merchandise or services on credit
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