Business Law
Protects consumers from unsafe products.
What are consumer protection laws?
The point at which a company’s sales equal expenses.
What is the break-even point?
A graphic symbol closely associated with a brand.
What is a logo?
Cutting unnecessary expenses is a key strategy in this funding method.
What is bootstrapping?
Determining a product's price by doubling the cost.
What is keystone pricing?
The type of law that governs relationships between an owner and an agent.
What is agency law?
Expenses that do not change regardless of production levels.
What are fixed expenses?
The percentage of total sales a company achieves in a given market.
What is market share?
Exchanging goods or services without using money.
What is bartering?
A product's price tag that doesn’t include discounts.
What is the list price?
The OSH Act is an example of this type of law.
What is health and safety law?
Another term for owner’s equity.
What is net worth?
A group of closely related products within a product mix.
What is a product line?
Ownership in a business is referred to as this.
What is equity?
The pricing method focused on what the competition charges.
What is competition-based pricing?
These agreements are enforceable by law.
What are business contracts?
The financial progress of a business is shown in this pro forma statement.
What is the cash flow statement?
The pricing method that focuses on what customers are willing to pay.
What is demand-based pricing?
The approval process or laws necessary to protect entrepreneurial ideas.
What are intellectual property laws?
The product's life cycle impacts this part of the marketing mix.
What is price?
The unauthorized use of intellectual property.
What is infringement?
Businesses must obtain this from a state’s Department of Revenue to collect sales tax.
What is a sales tax identification number?
The point at which a product is tested using a working model.
What is a prototype?
This is not a bootstrapping technique.
What is hiring employees?
A price method often used to attract customers with perceived discounts.
What is psychological pricing?