Business Law
What is a Partnership?
A formal structure for a business owned and operated by two or more people or entities, with each partner contributing to the business and sharing in its profits and losses.
What is Time utility?
Usefulness created by making products available when needed (ex. same-day flower delivery).
What is Revenue?
Total income generated from business operations before deductions.
What is Promotional Pricing?
Goods/services priced low with heavy advertising.
What do you call preliminary versions of documents/images for review before final production?
Proofs
What do you call a person who owes money to a creditor, aka borrower?
Debtor
What is Possession utility?
Usefulness created when consumers can take ownership of a product/service (ex. financing options at a car dealership).
What are Assets?
Resources owned by a company with economic value (tangible or intangible).
What is Even Pricing?
Even numbers suggest high quality.
What do you call the Monochrome version for black-and-white content checks?
Black & White Laser Proof
What branch of government interprets laws and resolves disputes?
Judicial
What is Capitalism / a Market Economy?
Private owners control trade and industry for profit.
How do you calculate Gross Profit?
Revenue minus cost of goods sold (before operating expenses/taxes).
What strategy? High initial price gradually lowered to maximize early profits.
Price Skimming
Single-color documents used for early-stage proofs.
Blue Lines
What is a UNIlateral Contract
One party makes a promise (e.g. reward for a lost pet)
What are 4 types of wants?
Unlimited, Competing, Unique, and Noneconomic
What are the two kinds of assets?
Current and Fixed
Price Discrimination is what?
Charging different prices to different customers for the same product/service (may be illegal).
What proof is used for final approval?
Press Proof
A legal entity separate from its owners, provides limited liability to shareholders, allows raising capital through stocks.
Corporation
What are the 5 types of Utility?
Form, Place, Time, Task, and Possession
What is included in an Income Statement?
Shows revenues, expenses, and net income over a period of time.
In what case is Loss-Leader Pricing illegal?
If eliminating competition
Multiple-color proofs for layout purposes, not for final approval.
Overlay Proofs.