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                                                     Business Vocabulary

Contract: Legal agreement between two or more people.

Corporations: A business owned by stockholders and licensed to operate by either the federal or state government.

Creditors: People to whom one owes money.

Expense: Costs of doing business.

Income: Money earned by an individual or a business.

Invest: To put money into a business in the hopes of earning a profit.

Partnership: A business owned by two or more individuals.

Profits: The difference between income and expense.

Risk: The chance that one might lose money when one goes into business.

Single proprietorship: A business owned by one person.

Unlimited liability: There is no limit to the amount of money one could lose in a business.