Business Basics
Examples of this category of business include doctors, hair stylists and landscapers.
What are service businesses?
The owner's assume all risk in this type of business.
What is a sole proprietorship?
Which country is the largest goods and services importer in the world?
What is the USA?
The process of bringing goods and services into a country from abroad.
What is importation?
This category of business creates products and services used by other businesses and individuals.
What are producers?
These types of businesses are designed to better the communities in which they serve.
What are nonprofit organizations?
This type of business ownership is ideal for or more individuals that want to cooperate together in business decisions.
What is a partnership?
The flow of goods and services in a single country.
What is domestic trade?
The process of sending goods and services to another country abroad.
What is exportation?
This is a business owner who is licensed to operate the franchise.
What is a franchisee?
This is exposure to factors which can lower profits or lead to failure.
What is risk?
This type of business is managed by a board of directors.
What is a corpororation?
The buying and selling of goods and services between two or more countries through the process of importation and exportation.
What is world trade?
Limits put on the number of a specific goods which can be imported from a certain country.
What is a quota?
A system of money used in a particular country.
What is currency?
What is the official currency of the United States and its territories?
This type of business ownership does not allow creditors to go after an individual's personal assets or income if a partnership fails.
What is a limited liability partnership?
These are any regulations restricting international trade to bolster domestic trade within a country.
What are trade barriers?
These are taxes placed on imports.
What is a tariff?
This type of business category create products and services used by other businesses and individuals.
What is an intermediary?
This encourages a company to be socially accountable.
What is corporate social responsibility?
This type of business is commonly used to partner with local business to enter foreign markets.
What are joint ventures?
This ensures certain goods and services are produced in the same way internationally.
What is standardization?
These occur when trade is banned between two or more countries, usually for political reasons.
What is an embargo?
These government contributions can come in the form of a direct transfer of funds or tax credits.
What are subsidies?