Business Types
When we cut out the middlemen, and sell products directly to the consumer, we call this:
a) Wholesaler
b) Direct-to-Consumer
c) Nickel-and-dime
b) Direct-to-Consumer
The types of business structures we discussed in class are Sole Proprietorship, _____________, LLC, and Corporation.
Partnership
Government role in business used to be pretty nonexistent until what happened?
The U.S. grew into an industrialized country, and became more complicated.
Your best friend can't call IHS, and get information on what's happening with your surgery because of this agency:
a) FTC
b) FERPA
c) HIPAA
c) HIPAA
According to the University of Utah, 94% of the world's population recognizes (this) company's logo:
a) McDonald's
b) Starbucks
c) Coca-Cola
c) Coca-Cola
___________ type of business buys products from a manufacturer, distributor, and/or wholesaler and sells directly to the consuming public.
a) Wholesaler
b) Direct-to-Consumer
c) Retailer
c) Retailer
The ___________ model collects information on goods and/or services from competing sources, and collects a fee or commission per transaction for selling the products through its own platform. Think Airbnb.
a) Subscription
b) Nickel-and-dime'
c) Aggregator
c) Aggregator
The U.S. has a mixed economy, which means the government's job is to take care of public _____, while private sector takes care of people's ______.
Needs; wants
The Federal Trade Commission does which of the following things?
a) Inspects food and drugs for safety.
b) Ensures fair competition.
c) Protects patients' healthcare information.
b) Ensures fair competition.
This company has the most followers of any retailer on Instagram (80 million).
a) Starbucks
b) Victoria's Secret
c) Addidas
b) Victoria's Secret
A _________ buys products from manufacturers and resells them either to wholesalers, retailers, or the public. A large industrial distributor example is W.W. Grainger.
Distributor
Nicole is the owner of the Batesland Handistop gas station. She inherited the business from her father. She keeps all profit from sales, but also assumes all responsibilities. She does everything herself. Nicole has what type of business?
Sole Proprietorship
Name a product or service that would be provided by the private business sector.
(answers may vary)
Restaurants must have a license to sell food to the public. What will happen if the restaurant gets caught not following health and safety regulations in the kitchen?
Their license will be lost or suspended.
According to a study done by Mesa Community College, small businesses fail up to 42% of the time because of this:
a) Poor marketing
b) Get outcompeted
c) No market need for them
c) No market need for them
Describe what a Wholesaler does.
A wholesaler buys large quantities of products from manufacturers or distributors, warehouses or stores them, and then resells them to retailers.
A corporation is a business model where each member is legally separated from each other. There are several types of corporations, but what's special about the "B" type?
B Type Corporations meet high standards of social and environmental performance, accountability, and transparency.
What is the U.S. government's primary role in business operations?
To make sure businesses are treating people fairly, and that their products are safe for consumers.
The U.S. government uses money from _______ to fund public services, and encourage people to buy American-made products.
Tariffs
The retail sector provides more than one in four jobs in the US. Ironically, retail also has a high employee turnover rate, ranging between ___% and ___%.
a) 44% - 56%
b) 60% - 76%
c) 35% - 47%
b) 60% - 76%
What type of business is Sam's Club?
Wholesaler/retailer
What is the main difference between a public corporation and a private corporation?
Public corporations sell shares to the public; private corporations do not.
Name three services that are provided to people through the public sector.
(answers may vary)
The six functions of business are:
Human Resources, S_______y, Information Management, Operations, M________g, Finance/Accounting,
Strategy; Marketing
Fun fact: (this business) in Manhattan was among the first to receive a liquor license when Prohibition was lifted in 1933.
a) Macy's
b) Hard Rock Cafe
c) Barefoot Bar & Grill
a) Macy's