Intro to Business
Something done for a fee (intangible good)
Service
A tax on imported goods.
Tariff
A business owned by one person is called a?
Sole Proprietorship
Name two of the 4 Ps of Marketing.
Product, Price, Place, Promotion.
What is an example of an appreciating asset?
Answers vary
Health insurance, retirement, vacation time are all examples of what:
Benefits
What term describes the total amount of a good or service available for sale?
Who shares the risk and responsibility in a general partnership?
Two or more owners.
When a firm has segmented the market a number of times to reach their desired market, it is called a:
Target market
Dave Ramsey's method of budgeting is called ____-_____ budgeting.
This type of leadership style should be used when employees are new and untrained:
Authoritarian/Autocratic
What does it mean to import a product?
Bring it into your country from another.
What does LLC stand for?
Limited Liability Company.
Which of the four Ps of marketing has to do with distribution and suppliers?
Place
The cost of groceries and fuel are examples of what type of expenses?
Variable
This is the type of competition where there is only one seller and there are barriers to keep other companies from entering the industry:
Monopoly
What impact do exports have on a country’s GDP?
Increase
The concept of being personally responsible for all debts of a business.
The marketing concept states that marketers should supply products and services that satisfy ______ and _______.
Wants/needs
The FDIC and NCUA insure up to _________ per account.
$250,000
What term describes an entity owned and operated by the government?
Public entity
What is an embargo?
A complete ban on trade with a country.
A business entity or artificial being with most of the legal rights of a person.
Corporation
Dividing a market to reach your target market is called what?
Segmenting
How quickly and easily you can access your money is called:
Liquidity