Business Basics
Any physical products offered by a business.
Goods
a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity.
Sole proprietorship
A business entity owned, controlled, and operated by a group of users for their own benefit.
Cooperative
for-profit companies that have received certification from B Lab, a nonprofit organization that certifies businesses that meet certain social and environmental standards.
B Corp
Management view that employees are lazy, uninterested in work, and need to be prodded to perform their jobs.
Theory X
Intangible products such as health care, insurance, and recreation.
Services
Organization that operates for the common good and not to generate individual wealth.
Nonprofit organization
A corporate action in which one company buys the assets and obligations of another company and assumes control.
Acquisition
The amount of a commodity or service that people are ready to buy for a given price.
The quantity of a product producers are willing to sell at a given price.
Demand
Supply
Management view that employees enjoy work and take responsibility for meeting their work requirements.
Theory Y
The end result if a business’s expenses exceed the amount of money it earns during a given period.
Loss
a formal arrangement by two or more parties to manage and operate a business and share its profits.
Partnership
The joining of two or more business entities into a single entity.
Merger
Market situation with only one seller for a given product or service.
Monopoly
Management view that employee involvement in the organization and decision making leads to productivity.
Theory Z
Financial benefit realized when the amount of revenue gained from a business activity exceeds its expenses
Profit
a legal corporate structure in which the owners or shareholders are taxed separately from the entity.
Corporation or C Corp
A form of business in which one party gives another rights to sell its products or services and use its business format in a certain geographic area.
Franchise
Market situation in which each of a few producers affects but does not control the market.
Oligopoly
What are the 4 P's of Marketing
Product, price, place, and promotion
Income received by an organization from its normal business activities.
Revenue
corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
S Corp
An individual who has shared ownership in a partnership but takes no part in managing it and has limited liability.
Limited Partner
Two or more consecutive quarters of decline in GDP.
Recession
What are the three main financial statements?
Balance sheet, Income statement, and statement of cash flows