Sole Proprietorship
What is a Sole Proprietorship?
Business owned by one person
What is a partnership?
Business owned by 2 or more people
What is profit motive?
the desire to make money
Preparing advertisements for TV, Radio, Newspapers, websites is an example of what?
Marketing
Panthers and Hornets
In a sole proprietorship the owner keeps all of their what to themselves?
profit, money, sales, commission
True or False: A partnership agreement is not needed to start the partnership?
False
What is a consumer?
Someone who buys from a business - purchases goods or services
Product, Price, Placement and Promotion are under which job function?
Marketing
What WNBA team just won the championship?
Las Vegas Aces
Owner must pay for _____ needed for the business.
everything, supplies, needs, inventory
Partners share two types of abilities when combining together to create a partnership, what are they?
Hint: think about what they bringing to the table? 2 specific words
skills and talents
What is a service and what types of businesses provide services?
Hair salons, restaurants, massage parlors, dry cleaner, babysitter. Any kind of business that tailors towards providing something for others
Which role manages the personnel relations within a company; helps develop the skills and knowledge necessary to be successful while on the job?
Human Resources
Where is Ms. Lewis from?
Virginia
True or False: It is difficult to obtain capital needed to start business.
True
True or False: Partnership must be reorganized if one partner quits.
True
What are Needs and provide 3 examples?
Needs are things that are necessary for survival. There are some basic needs like food, shelter, clothing, and water.
Which function of business involves all the behind the scenes paperwork that must be finished in order for the transactions to be completed.
Operations
In the Christmas Movie "Elf" What does Buddy drink at dinner that makes him burp?
An entire bottle of coca-cola
What does unlimited liability mean in a sole proprietorship?
owner has full responsibility for company's debts and can lose entire investment as well as personal assets.
What are two major company examples that were given as a partnership example in the slideshow by Ms. Lewis
Delta & Sky Miles
Uber & Spotify
Nike & Jordan
What are examples of goods and services? What are needs and wants?
Goods - clothes, cars, perfume, shoes, laptop
Services- waitress, nail tech, hair dresser, train conductor
Needs- necessity to survival - food, shelter, water
Wants- don't need for survival but make you happy - jewelry, make up, candy, new phone
Name all functions of Business in 10 seconds
What year was tik Tok launched?
2016