EC-907
This is the most common form of business ownership, where one person owns and operates everything.
What is a Sole Proprietorship?
These are the "4 P's" of the Marketing Mix.
What are Product, Price, Place, and Promotion?
This top level manager is responsible for the overall strategic direction of the entire company.
What is the CEO?
This is the "Accounting Equation."
What is Assets = Liabilities + Owner’s Equity?
This economic principle states that as the price of a good rises, the quantity demanded by consumers decreases.
What is the Law of Demand?
This legal entity protects owners from personal liability, meaning their personal assets are usually safe if the business goes into debt.
What is a Corporation?
This is the specific group of consumers at which a company aims its products and services.
What is a Target Market?
These are the four primary functions of management.
What are Planning, Organizing, Leading, and Controlling?
This financial statement shows a company's revenues and expenses over a specific period of time.
What is an Income Statement?
This is the total value of all goods and services produced within a country's borders in a specific year.
What is Gross Domestic Product?
This term describes a business’s obligation to maximize its positive impact and minimize its negative impact on society.
What is Corporate Social Responsibility?
This process involves dividing a broad consumer market into sub-groups based on shared characteristics like age or income.
What is Market Segmentation?
This leadership style involves the leader making all decisions without consulting employees.
What is Autocratic Leadership?
This term refers to the point where total costs and total revenue are exactly equal with no profit but no loss.
What is the Breakeven Point?
This occurs when a country exports more than it imports.
What is a Trade Surplus?
This is a written document that describes a new business, its strategy, and its financial forecasts.
What is a Business Plan?
This term refers to the unique value a product provides that makes it better than the competition.
What is a Competitive Advantage?
This acronym stands for a popular tool used to analyze a company's internal Strengths and Weaknesses, and external Opportunities and Threats.
What is a SWOT Analysis?
These are items of value owned by a business, such as cash, equipment, or inventory.
What are Assets?
This type of market structure is dominated by only a few very large sellers.
What is an Oligopoly?
In this type of arrangement, one party allows another to use its name and sell its products in exchange for a fee.
What is a Franchise?
This is the stage of the Product Life Cycle where sales begin to level off as the market becomes saturated.
What is Maturity?
According to Herzberg, these factors (like pay and working conditions) don't necessarily motivate, but their absence causes dissatisfaction.
What are Hygiene Factors?
This financial ratio measures a company's ability to pay off its short term debts with its short term assets.
What is the Current Ratio?
This term refers to the cost of the next best alternative that is given up when making a choice.
What is Opportunity Cost?