Business Types
Is a good tangible or intangible?
Goods are tangible, physical items
What are the 4 types of business ownership?
Top management is the ____ of an organization?
Top management is the HEAD of an organization.
What are the four phases of a business cycle?
Is a service tangible or intangible?
Services are intangible, or not physical items
What is the most common form of business?
What is sole proprietorship?
What is departmentalization?
Is the grouping of employees into departments based on work functions, product or service, and location.
What phase is also known as the "expansion" phase?
What is the growth phase
What is the difference between a "want" and a "need"?
What is a "want" is typically the goods and services a person desires. Needs are goods and services a person requires for survival
What are the two types of partnership of partnership?
What is general and limited partnership?
What is an informal business structure consist of?
Informal structures are laid-back, undefined and involve employees completing tasks which may not always fit their job description
What phase of the cycle does business activity reach a MAXIMUM?
What is peak phase?
What are the 7 types of business classifications?
What are the two disadvantages of a corporation?
What does a formal business structure consist of?
Formal structures are clearly defined, organized, include specific organizational details such as chain of command
What are the three causes of a recession phase?
What do intermediaries do?
Buy, store and resell goods
What are the three advantages of a franchise that we discussed in class?
What are the three types of authority?
Line, staff, and functional authority
What phase of the business cycle is the lowest level of business activity?
What is the trough phase?