Econ Unit 3 Vocab 2024/2025 Exam
Questions and Answers | 100% Pass
Sole Proprietorship - 🧠ANSWER ✔✔A business owned by one person
zoning laws - 🧠ANSWER ✔✔laws in a city or town that designate certain
areas, or zones, for residential and business use
liability - 🧠ANSWER ✔✔An amount owed by a business
fringe benefits - 🧠ANSWER ✔✔payments to employees other than wages
or salary
Partnership - 🧠ANSWER ✔✔A business in which two or more persons
combine their assets and skills
General Partnership - 🧠ANSWER ✔✔partnership in which partners share
equally in both responsibility and liability
Limited liability partnership - 🧠ANSWER ✔✔All partners are limited
partners and not responsible for the debts and other liabilities of other
partners
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, limited partnership - 🧠ANSWER ✔✔form of partnership where one or more
partners are not active in the daily running of the business, and whose
liability for the partnership's debt is restricted to the amount invested in the
business
Assets - 🧠ANSWER ✔✔resources owned by a business
business franchise - 🧠ANSWER ✔✔an arrangement in which a parent
company, or franchiser, distributes its products or services through
independently owned outlets
Royalties - 🧠ANSWER ✔✔The share of earnings given by a franchisee as
payment to the franchiser
Corporation - 🧠ANSWER ✔✔A business owned by stockholders who share
in its profits but are not personally responsible for its debts
stock - 🧠ANSWER ✔✔A share of ownership in a corporation.
closely held corporation - 🧠ANSWER ✔✔corporation that issues stock to
only a few people, often family members
publicly held corporation - 🧠ANSWER ✔✔a type of corporation that sells
stock on the open market
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions and Answers | 100% Pass
Sole Proprietorship - 🧠ANSWER ✔✔A business owned by one person
zoning laws - 🧠ANSWER ✔✔laws in a city or town that designate certain
areas, or zones, for residential and business use
liability - 🧠ANSWER ✔✔An amount owed by a business
fringe benefits - 🧠ANSWER ✔✔payments to employees other than wages
or salary
Partnership - 🧠ANSWER ✔✔A business in which two or more persons
combine their assets and skills
General Partnership - 🧠ANSWER ✔✔partnership in which partners share
equally in both responsibility and liability
Limited liability partnership - 🧠ANSWER ✔✔All partners are limited
partners and not responsible for the debts and other liabilities of other
partners
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, limited partnership - 🧠ANSWER ✔✔form of partnership where one or more
partners are not active in the daily running of the business, and whose
liability for the partnership's debt is restricted to the amount invested in the
business
Assets - 🧠ANSWER ✔✔resources owned by a business
business franchise - 🧠ANSWER ✔✔an arrangement in which a parent
company, or franchiser, distributes its products or services through
independently owned outlets
Royalties - 🧠ANSWER ✔✔The share of earnings given by a franchisee as
payment to the franchiser
Corporation - 🧠ANSWER ✔✔A business owned by stockholders who share
in its profits but are not personally responsible for its debts
stock - 🧠ANSWER ✔✔A share of ownership in a corporation.
closely held corporation - 🧠ANSWER ✔✔corporation that issues stock to
only a few people, often family members
publicly held corporation - 🧠ANSWER ✔✔a type of corporation that sells
stock on the open market
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
