BUSINESS TYPES
A business owned by one person
What is a sole proprietorship?
The money a business earns from sales
What is revenue?
The group of customers a business wants to reach
What is a target market?
When prices rise over time
What is inflation?
A person who starts and runs a business
Who is an entrepreneur?
A business owned by two or more people
What is a partnership
The money a business spends to operate
What are expenses
The four parts of the marketing mix
What are Product, Price, Place, and Promotion
The amount of a product available for sale
What is supply
Planning, organizing, leading, and controlling
What is management
A business owned by shareholders
What is a corporation?
Revenue minus expenses
What is profit?
Advertising that uses social media or websites
What is digital marketing
The desire and ability of consumers to buy a product
What is demand
Money paid to employees for their work
What are wages or salary
This type of business combines features of a corporation and a partnership
What is an LLC (Limited Liability Company)?
The point where revenue equals expenses
What is the break-even point?
A symbol or design that identifies a business
What is a logo?
When supply and demand are equal
What is market equilibrium?
Rules and guidelines employees must follow
What are company policies
This business is owned by its members and shares profits
What is a cooperative
Money used to start a business
What is startup capital
The way customers see and feel about a brand
What is brand image
A situation where one company controls the market
What is a monopoly
Benefits given to employees besides pay
What are fringe benefits