Production
What is an example of a natural resource
What is are Human resources
People who make up a workforce
What is known as an old-fashioned type of management style
Autocratic
What is the purpose of an income statement
it shows the profit and expenses in a business
What is the purpose of a balance sheet
Provides information on resources and capital
What is a capital
Products that can be used as input for more output
What are 3 fields of work related to business
What is the most common type of management style
Democratic
What is 1 thing that an income statement have that a Balance sheet doesn't
Revenue, Cost of goods sold, Gross profit, Net profit
What is another word for Long-term Asset
Fixed asset
What is production
Putting an input to receive an output
Advertising is what type of job
Marketing
What are the 3 types of leaders
Democratic, Autocratic, Laisser-faire
What is the difference between retail and service
Retail has cost of goods sold service doesn't
What does a Balance sheet have that an Income statement doesn't
Assets, Equity, Liabilities
What is the difference between a raw material and a natural resource
Raw materials are natural Natural resources are not
What is the CPA
What are the 5 steps of management
What is revenue
Money a business receives for the products/services it sells
give an example of a Long-term liability
Loans, bonds, leases
What are the 6 factors of production
What is a gig economy
Getting a short term flexible job instead of a long term one
What is upper-level planning also called
Strategic planning
What is cost of goods sold
cost of inventory sold to generate revenue for a particular period
What is equity
The amount of money the owner of the business would earn after deducting all debts