Business Basics
An organization the offers a product (good or service) to customers to meet a need or a want.
What is a business?
Food, water, shelter and clothing.
What are physiological needs?
An unincorporated business owned by one person. It is the simplest kind of business structure. The owner has sole responsibility for making decisions, receives all the profits and has unlimited liability.
What is a sole proprietorship?
The process of converting a business’s resources into goods and services.
What is production?
Mr. Taylor's favourite colour.
What is purple?
An electrician is an example of this type of business.
What is a service business?
Security, protection and order.
What is safety?
A legal business entity that is owned by its shareholders.
What is a corporation?
The people in a business, including employees, managers and owners.
What are human resources?
The other subject area Mr. Taylor went to school to teach.
What is Geography?
Items that we would like to have, but are not necessary to sustain life.
What are wants?
Self-respect, reputation and status.
What is esteem?
In this business type, profits are shared, you may have disagreements on how the business should be run, and the people involved are personally responsible for any of the business's debts. This business type is normally owned by 2-20 people.
The record-keeping and management of all money coming into and going out of the business.
What is finance or accounting?
Mr. Taylor's age.
What is 24?
A business who uses any profit that is made to further its mandate or goals.
What is a not-for-profit business?
Achieving your dreams and goals.
What is self-actualization?
An organization that is owned by its members, who use its services and purchase its goods. It uses democratic participation through a 'one member, one vote' process.
What is a co-operative?
The work that businesses put into developing new products or improving existing products. It might also include finding ways to reduce the cost of making the product.
What is research and development?
The year that Mr. Taylor graduated from PCI.
What is 2015?
What is a manufacturing business?
What is belonging?
A business relationship where a license is granted. This is not a type of business ownership, but rather a means of expansion. The individual operating this new business must pay initial and on-going fees, in order to use the brand's name, logo and supply chain.
What is a franchise?
Any activity designed to get a product (good or service) to someone who wants or needs it.
What is marketing?
The musical artist that Mr. Taylor attempts to brainwash his students with.
Who is Kid Cudi?