Business Ownership
A business owned by only one person.
sole proprietorship
fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
Supply
What are the 4 P's of marketing?
Product/Procurement, price, place, promotion
This is important to being an effective communicator. When someone is speaking listen with the intent of understanding and not to respond.
Active listening
The function of business that involves maintaining and auditing records, sending out and paying bills, and preparing financial reports.
Accounting
A business owned by two or more people.
Partnership
the quantity of a good or service that consumers want and can buy at a given price during a specific time
Demand
Advertising would fall under which of the four P's?
Promotion
List 2 of the 5 functions of management
Planning
Organizing
Staffing
Directing
Controlling
Something belonging to an individual or a
business that has value or the power to earn
money
Asset
During the life of a business, the type of business ownership can be changed. True or False
True
The point at which the price and quantity of supply and demand are equal
Equilibrium
Which of the 4 P's does distribution fall under?
Place
People that a business want to sell to
Target audience
The function of business that involves money management.
Finance
a business that is legally separate from its owners, or shareholders.
Corporation
How can a business correct a shortage?
By raising the price
In which of the 4 P's do you consider the life cycle?
Product
What does an SEO or search engine optimization do for a business and its visibility?
Allows it to move up the list when people research their type of business in google.
debts or financial obligations that a person or business owes to another party
Liabilities
a business structure that protects owners from personal liability for business debts
Limited Liability Company
There were two classes that I mentioned during our lecture that would be the first two business related college courses you take. Can you name one of the two?
Microeconomics or Macroeconomics
The process of acquiring goods or services needed for a company's operations, which involves identifying suppliers, negotiating contracts, and purchasing the necessary items, often with a focus on achieving the best value and quality for the company.
Procurement
What does PPC stand for?
Pay per click
don't have to deal with double taxation. Instead, the company's revenues and expenses “pass-through" to the business owner's tax return, where the owner pays tax on profits or deducts losses along with their other personal income and expenses.
Pass through taxation