Types of Business Structures
A disadvantage of this type of legal business structure is unlimited liabilty, and limited resources. An advantage is that you don't have share the profits with anyone else!
Sole Proprietorship
Land, Labor, Capital and Entrepreneurship are knows as
Factors of Production
The main purpose of this document is to be considered for a job interview
Resume
Product, Price, Place and Promotion are know as
The 4 Ps of Marketing or the Marketing Mix
In accounting, transactions are recorded in a systematic way as debits and ______________.
Credits
An advantage of this type of legal business structure is limited liability and also more funds can be raised by selling shares of stock.
Corporation
Exchanges between Consumers, Business and __________________ make up the circular flow of our US economy
Government
A time when newly hired employees come in to get necessary paperwork and learn about things such as basic operations of the business and the company mission statement
Orientation
A customer profile consists of D, G, P and B. What does the G stand for?
Geopgraphics
Resources of monetary value owned by a business are know as
Assets
What does LLC stand for?
Limited Liability Coroporation
The United States is considered to be which type of Economic System
Mixed (but predominantly Market)
A process, usually 90 days, when employees ease into the company culture and learn about their job responsibilities
Onboarding
Identifying things such as political beliefs or hobbies and interests of customers
Psychographics
Assets = Liabilities + Owners Equity is the formula for which business financial statement?
Balance Sheet
What is the most common type of legal business structure in the US?
Sole Proprietorship
This important Act of 1890 protects competition in the US economy by making monopolies illegal
Sherman Anti-Trust Act
Protecting the health and safety of workers, ensuring medical care and financial help for injured workers and protection from unsafe work and economic hardship is the function of this government agency
Labor and Industries
This form of promotion allows for two-way communication and relationship building
Personal Selling
A financial statement prepared by accountants that shows Revenue minus Expenses
Income Statement
An advantage of this type of legal business structure combines resources and spreads the risk when it comes to liability however, disputes may occur if owners don't work well together.
Partnership
The point at which quantity demanded and the quantity supplied meet on a supply and demand graph is called
Equalibrium Price
Social Security tax and Medicare tax add up to 7.65% and are listed as this as deduction on paychecks
FICA
Selling a pack of notebook paper for 1 cent with a purchase of school supplies for $10 or more is an example of what type of pricing strategy?
Loss Leader
Bank loans, crowdfunding, venture capitalists are examples of what type of funding for a business?
External