1. Miss Smith 7 th grade Civics *pgs. 460-464

2.  A _____ ________ owned by one person ProsCons You’re your own ____ You decide the business _____ You take all the _______ Must have or ______ $$ to get a building/office space/equipment Must have $$ to pay ________ Responsible for _____ Risk failure and ____

3.  A ________ in which two or more people share the ______________, costs, _______, and _______

4.  A type of _________ that is recognized as a separate _____ entity from the people who ___ it  A _________ organization (unlike _______________ and partnerships)

5. Raising Money  Selling _____ (or ______ of ownership)  The people who ____ corporate stocks are ___________  _________ are stockholders’ share of the profits

6. Rights to Operate  Certain ____ must be followed to ___________ a business  Incorporation allows a company to sell ______

7. Elected Directors  Corporations must have ________ where stockholders can:  Elect a board of _________  Voice their ________ on how the company is ___________  The board of directors represents the _____________ when making _________ about the ________

8. Choosing __________  This is done by the board of _______ Debt Responsibility  If it goes out of _________, to pay off _____, property will be ____

9.  Organizations that provide _____ and ________ without seeking to earn a ______ for stockholders  Ex: _________, research associations, educational _________