This type of business gathers raw goods, materials in their original state.
What is a producer.
100
This function deals with the process of planning, pricing, promoting, selling, and distributing of goods and services.
What is Marketing.
100
This is a business owned by one person.
What is sole proprietorship
200
This type of business changes raw material into more finished products.
What is a Processor.
200
This function of business focuses on achieving company goals by planning, organizing, leading, controlling, and evaluating the effective use of resources.
What is Management.
200
This is a business owned by two or more people who share in its risks and rewards.
What is a Partnership.
300
This type of business makes finished products out of processed goods.
What is a manufacturer.
300
This function focuses on the business or art of money management and requires analyzing financial statements to make future decisions.
What is Finance.
300
This is a company that is registered by a state and operates apart from its owners.
What is a Corporation.
400
This type of business distributes goods. It divides large quantities into smaller ones and then sells them to retailers.
What is a Wholesaler.
400
This function of management involves maintaining and checking records, handling bills, and preparing financial reports for a business.
What is Accounting.
400
This is the percentage of businesses in the US that are sole proprietorships.
What is 70-75%
500
These two types of businesses deal directly with the consumer (final buyer of the good).
What is Retail and Service Businesses
500
This is the difference between Production and Procurement.
Production = creating, expanding, manufacturing goods
Procurement = buing and selling goods that have already been produced.
500
This is an organization that is owned and operated by its members.