Types of Business
Name three types of business work activities performed
Producers, Processors, Manufacturers, Intermediaries, Service Firms, or Non-profit Organizations
What does human resources require?
Following laws and proper procedures
People with strong human relation and communication skills
What does Finance & Accounting focus on?
Creating up-to-date, accurate financial statements
Making a plan to create profits
Managing and utilizing company resources
What is marketing?
The action of promoting and selling products or services
Name three examples of producers
Farming, Forestry, & Mining
what is the employment process goal?
To obtain qualified employees who are well-matched to the open position
What are the classifications of financial transactions?
Assets, Liabilities, & Owners Equity
What interrelated marketing strategies are used to meet consumer needs?
Product, Price, Promotion, & Place
Name four examples of processors
Cotton mills, Oil refineries, Textile mills, & Food processors
What is "Employment Process: Step 2?"
Recruit potential employees
What are the main types of financial statements?
Balance Sheet & Income Statement
What is the goal for marketing?
To create products meeting consumer wants and needs based on the marketing mix
What do manufacturers do?
What is Training & Developing accomplished through?
Training, Evaluating Performance, & Focusing on motivation and cooperation
What are the responsibilities of finances?
Managing use of company funds
Obtained needed funds
Creating a financial plan
Facilities, Processing, & People
What does intermediaries do?
Move finished goods from one business to another
What is the main functions of management?
Planning, Organizing, Directing, & Controlling
What are sources of funding in finance include?
Borrowing funds, Selling stock, Looking for new investors, & Increasing owner contributions
What are four modes of transportation?
Waterways, Railroads, Trucks, & Airlines