Functions of Business
What are the four functions of business?
Production, finance, marketing, and management
What is a medium of exchange?
is an item that's accepted in exchange for goods and services
What does FTC stand for?
Federal Trade Comission
Why do finance laws exist?
To ensure fair competition and protect financial interests of companies and investors
What is an anti-trust law?
promotes fair trade, open markets, and competition among businesses
What is a producer?
business that creates goods or services
What is store of value?
something that can be saved or stored and used for a later date
What is false advertising?
overstating the features and benefits of products and services or making false claims
What is bankruptcy?
Legal process that allows a company to recognize or go out of business when it runs out of funding
What is monopoly?
when one business has complete control of a market's entire supply of a good or service
What is a budget?
financial plan to plan where to allocate money in a business
What is unit of value?
common measure of what something is worth/ costs
What does the federal trade comission (FTC) do?
protect consumers and promote business competition
What is a monopoly?
when one business has complete control of the market's entire supply of goods or services
What does the US department of labor do?
enforces workplace laws and regulations
What are marketing activities focused on?
the customers
What's another word for money?
currency
What is telemarketing?
When products are personally sold over the phone
What are anti-trust laws?
promote fair trade, open markets, and competition among business
allows a company to go out of business when out of funding
What does management do for a business?
plan, coordinate, and monitor a business
What is time value of money?
is an idea that money decreases in value over time
What's an endorsement?
to advertise a message that a person, business, or organization is paid to do by another party
What do the Sherman anti-trust act and Clayton anti-trust act do?
prevent monopoly and price fixing
What does US securities and exchange commission enforce?
regulates corporations that are publicly traded