Purpose of Business
Is clothing a good or a service?
Good
Who manages “people” relations within the company?
Human Resources
Who makes sure that the entire organization meets its goals and obligations?
Management
What is the desire to make money; see the opportunity to make money in the marketplace?
Profit Motive
Is lawn care a good or a service?
Service
Is a car a good or a service?
Good
Who is considered the “back office”?
Which function is responsible for recording and reporting financial activity and transactions?
Accounting
Some business owners are motivated by the opportunity to meet ______ and ______ of consumers.
Wants and Needs
What function of business selects employee benefits and enrolls all employees in the benefits (insurance, retirement, etc.)?
Human Resources
Consumers use and purchase ________ and ________
Goods and services
Who uses technology to share knowledge, facts, and data to others (co-workers, customers, and suppliers)?
Information Technology
The following activities are associated with which function?
Paying bills
Collecting money from customers
Paying taxes
Preparing employee payroll checks
Reconciling bank statements
Investing cash
Purchasing inventory
Accounting
Some business owners are motivated by the opportunity to increase _________ in the marketplace
Competition
What function of business involves behind the scenes paperwork required to complete all transactions?
Operations
Businesses sell ________, _________, or both to consumers
goods, services
Which function is based on the four Ps?
Marketing
Who effectively works with people in the organization?
Management
Businesses are ___________ opportunities for individuals—future income
Investment
What function of business is associated with maintaining software applications?
Information Technology
Is screenprinting a good or service?
Service
What are the 4 Ps?
Product, Price, Placement, Promotion
Which function satisfies the needs and wants of consumers through exchange?
Marketing
What is the desire to make money in the marketplace?
Profit Motive
Is a house a need or a want?
Need