Business Basics
This was the earliest form of trade where goods and services were exchanged without using money.
What is barter?
This secure payment instrument is issued by a bank and guarantees payment.
What is a bank draft?
This form of business is owned and operated by one person.
What is a sole trader?
In this system, the government controls what is produced and distributed.
What is a command economy?
Using a business to disguise illegally obtained funds is known as this.
What is money laundering?
One advantage of barter is that people can obtain goods without using this.
What is money?
This traditional payment method is commonly used to send money through the postal service.
What is a money order?
This type of business is owned and controlled by its members for their mutual benefit.
What is a co-operative?
In this system, market forces of demand and supply largely determine production.
What is a free market economy?
Businesses should have this document to guide ethical behavior and decision-making.
What is a code of ethics?
This item evolved to become the common medium of exchange in modern economies.
What is money?
This form of commerce involves buying and selling goods over the internet.
What is e-commerce?
This business organization has a separate legal identity from its owners.
What is a company or corporation?
This economic system combines features of both public and private ownership.
This economic system combines features of both public and private ownership.
Failing to pay taxes legally owed to the government is an example of this unethical practice.
What is tax evasion/withholding tax payments?
This type of economy existed before money was widely used and focused on producing goods for personal use.
What is a subsistence economy?
This electronic method allows money to be sent quickly between countries.
What is a telegraphic money transfer?
This type of company can sell shares to the general public.
What is a public limited company?
In this economic system, decisions are based on customs and traditions
What is a traditional economy?
Improper disposal of waste can lead to this environmental problem.
What is pollution?
A major disadvantage of barter is the difficulty of finding someone who wants what you have and has what you want.
What is the double coincidence of wants?
This written promise to pay a specified amount at a future date is often used in trade transactions.
What is a bill of exchange?
This arrangement allows a business owner to operate using another company's brand and business model.
What is a franchise?
This stakeholder must balance the interests of owners, employees, customers, suppliers, communities, and government while ensuring the organization remains profitable and ethical.
What is a business organization (or management)?
Advertisements that deceive consumers are considered this type of business practice.
What are misleading advertisements?