Unit 2 Vocab
property owned by a company include land, buildings, vehicles, and equipment
What is asset
Some you have to have
What is need?
There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing
What is functions?
What is the accounting equation?
What is Assets = Liabilities + Owners’ Equity
The basis of a market economy is
What is private enterprise?
Have part ownership of a business
What is stockholder?
The system of values, traditions, and preferences handed down through generations
What is culture?
Making both buyers and sellers feel they are getting good value is part of the __________ function of marketing.
What is pricing?
All of a business’s assets come from two sources—borrowing and/or
What is investments?
The role of government in a market economy is to
What is spend the money it receives in tax revenue?
Used to identify differences between the planned financial outcomes (budget) and the
actual financial outcomes (actual)
What is variance report?
The first social group a person belongs to
What is family?
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of
What is marketing-information management?
What is the basic calculation used to analyze an income statement?
What is Income minus expenses?
A business’s profits are subject to __________ taxes.
What is income taxes?
Tax a percentage of the total purchase price, put on most retail products
What is sales tax?
Someone who buys a product for personal use
What is final consumer?
Ryan is working with his marketing team to set goals and create a budget for the upcoming year. Which marketing function is Ryan performing?
What is market planning?
Who is responsible for analyzing a business’s income statement:
What is managers?
In the United States, payroll taxes are used as
What is trust funds?
Individuals with lower incomes pay a higher percentage of their income in taxes
compared to higher earners
What is regressive tax structure?
A social circle you want to belong to
What is reference group?
How does the marketing function of selling benefit society?
What is helps to increase employment?
Businesses often compare the income statement information for several consecutive years to calculate
What is sales growth?
Teresa received a raise this year, so she will pay taxes at a higher rate than she did last year. This is an example of
What is progressive tax structure?