PART 1 (CH1,3)
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy a society's needs.
What is Business
A business that is owned (and usually operated) by one person.
All the activities required to produce goods and services.
What is operations management?
The ability of a good or service to satisfy a human need.
What is utility?
Each source of revenue flowing into a firm.
What is a revenue stream?
What remains after all business expenses have been deducted from sales revenues.
What is profit?
A voluntary association of two or more persons to act as co-owners of a business for profit.
What is a partnership?
This manufacturing process breaks raw materials into different component parts.
What is an analytical process?
This important marketing concept consists of product, place, price, and promotion (distribution).
What is the marketing mix?
An accepted set of guidelines and practices for U.S. companies reporting financial information and for the accounting profession.
What is Generally Accepted Accounting Principles (GAAPs)?
A general rise in the level of prices.
What is inflation?
What is a corporation?
The process of creating a set of specifications from which a product can be produced.
What is product design?
A series of stages in which a product's sales revenues and profit increase, reach a peek, and then decline.
What is a product life cycle?
Assets = Liabilities + Owners' Equity
What is the accounting equation?
The ability to produce a specific produce more efficiently than any other nation.
What is an absolute advantage?
A carefully constructed guide for a person starting a business.
What is a business plan?
The arrangement of machinery, equipment, and personnel within a production facility.
What is plant layout?
A name, term, symbol, design, or combination that identifies a seller's products and distinguishes it from other seller's products.
What is a brand?
Cost of Goods Sold/Average Inventory
The total flow of money into a country minus the total flow of money out of that country over some period of time.
What is a balance of payments?
A business which is independently owned and operated for profit and is not dominant in its field.
What is a small business?
A computerized system that integrates production planning and inventory control.
What is Materials Requirements Planning (MRP)?
The sequence of marketing organizations that directs a product from the producer to the ultimate user.
What is a distribution channel (or marketing channel)?
Current Assets / Current Liabilities
What is the current ratio?