Nature of Business
A business owned and operated by one person is called this.
What is a sole trader?
This involves moving goods from producers to consumers.
What is distribution?
Government collects this from businesses and individuals to raise revenue.
What is tax?
Money used to start or expand a business is called this.
What is capital?
This pricing strategy uses prices like $9.99 instead of $10.00.
What is psychological pricing?
This economic system is based mainly on private ownership and profit.
What is a capitalist/ Free market economy?
The process of storing goods before sale is called this.
What is warehousing?
This agency protects consumers from unsafe or poor-quality products.
What is a consumer protection agency?
This type of account usually earns interest and encourages saving.
What is a savings account?
A business lowers prices temporarily to attract customers using this strategy.
What is promotional pricing?
These are the four main factors of production.
What are land, labour, capital, and enterprise?
This document shows details of goods shipped from one place to another.
What is an invoice?
Governments impose this type of tax on imported goods to protect domestic industries.
What is a tariff?
This is the extra amount paid for borrowing money.
What is interest?
This stage of the product life cycle is characterized by slow sales growth and heavy promotion.
What is the introduction stage
This type of production combines raw materials and manufactured parts to create finished goods.
What is secondary production?
This document issued by a carrier acknowledges receipt of goods for shipment.
What is a bill of lading?
These laws protect workers from unfair treatment in the workplace.
What are labour laws?
This banking service allows customers to transfer money electronically between accounts.
What is electronic funds transfer (EFT)?
This form of promotion involves direct communication between the salesperson and the customer.
What is personal selling?
A business owned by shareholders but managed by directors is known as this.
What is a public limited company?
This part of the supply chain involves obtaining raw materials from suppliers.
What is procurement?
This government action controls the quality and safety of products sold to consumers.
What is regulation?
This financial document summarizes a business’s income and expenses over a period.
What is an income statement?
This promotional activity gives customers the opportunity to try products before purchasing them
What are free samples?