Types of Business
Name three types of business work activities performed
Producers, Processors, Manufacturers, Intermediaries, Service Firms, or Non-profit Organizations
What do human resources do? and what do they require?
Follow laws and proper procedures
People with strong human relations and communication skills
What is accounting?
process of recording, classifying, summarizing and reporting the financial position of a business
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 is the accounting equation?
Assets= Liabilities + Owner's Equity
What are the 4 Ps of the marketing mix?
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
What are the roles in production and distribution?
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